The following is Schulte Corporation’s transactions worksheet for the month of March, 2015. Each line represents the dollar amount of a transaction for the month.
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Required: |
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1. |
Prepare journal entries for the ten transactions including the likely description of the transaction. Include account numbers (Folio) using the same general ledger account numbers shown in chapter 2 plus: |
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Prepaid rent |
162 |
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Service revenue |
470 |
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2. |
Post the journal entries to T–accounts and total the accounts. |
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3. |
From the T–accounts, prepare a trial balance. List expenses in alphabetical order. |
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4. |
Prepare an income statement and statement of changes in equity for the month ended March 31, 2015 and a balance sheet at March 31, 2015. |
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