Question

How do I prepare an un-adjusted trial balance for the following transactions?

Transactions to Record for the month of March

1-Mar	Issued 1,000 shares of F&F common stock for $30,000. The common stock has a $10 par value.
1-Mar	Paid $4,500 for rent for the Months of March and April
1-Mar	Hired two employees. Each employee will be paid $20 per hour. Employees will start on March 8th.
1-Mar	Borrowed $10,000 cash on a 3-year, 6% Note Payable, Interest is paid quarterly with the first payment due on June 1. Assume all months have 30 days.   See Account Titles
1-Mar	Purchased with cash four identical computers for $1,500 each. 4 desks with chairs for $800 each, 4 filing cabinets for $300 each and a $700 printer.
3-Mar	Purchased $2,500 of supplies on account.
5-Mar	Paid $250 for phone and internet service for the month of March.
6-Mar	Obtained Insurance coverage for $3,600 for a six-month period from March 1st to August 31st. Paid the premium in Cash.
10-Mar	Placed ads in the local papers. Each ad costs $80 per week and will run for the 3 weeks left in March and 4 weeks into April. (Total of 7 weeks.) The ads were placed on account.
15-Mar	Billed customers $4,500. $2,000 was for accounting services and the remainder for tax work.
16-Mar	Paid employees $1,200 for their services for the first week.
17-Mar	Several customers paid in advance for the firm to prepare their tax returns.   F&F received a check for $2,700.
20-Mar	Paid $800 toward the cost of supplies. See March 3rd transaction
22-Mar	Received Check for $2,400 from customers for the services billed on March 15.
23-Mar	Paid employees $1,750 for services from March 15 to March 22
25-Mar	Determined that a more powerful computer was need. One of the $1,500 computers was sold for $1,200 and a new computer costing $2,800 was purchased for cash. Ignore any depreciation on the computer sold.
28-Mar	F&F was informed that a customer who was billed $150 on March 15th had declared bankruptcy. Using the allowance method, write off this account.
29-Mar	Repurchased 200 shares of F&F common stock at $25 per share. These shares will be held in the treasury and will not receive cash dividends.
31-Mar	Paid employees $1,900 for services from March 23 to March 30
31-Mar	Billed Customers $7,900. $3,000 was for accounting services and the remainder for tax work.
31-Mar	Declared and Paid a cash dividend of $1.00 per share. (Treasury Stock does not receive this dividend.)

Answer 1

F&F Journal entries Date Account 1-Mar Cash Common Stock Credit Calculation Debit $ 30,000 $ 30,000 $ 4,500 March and April 1-Mar Prepaid Rent Cash $ 4,500 1-Mar No entry $ 10,000 3-year, 6% Note 1-Mar Cash Notes Payable $ 10,000 1-Mar Computer Equipment Furniture & Fixtures Office Equipment Cash $ $ $ 6,000 4,400 700 -4*1,500 =4*800+4*300 $ 11,100 $ 2,500 3-Mar Supplies Accounts Payable $ 2,500 $ 250 5-Mar Utility expense Cash $ 250 $ 3,600 6-Mar Prepaid Insurance Cash $ 3,600 10-Mar No entry $ 4,500 15-Mar Accounts Receivable Accounting Service Revenue Tax Service Revenue $ $ 2,000 2,500 $ 1,200 16-Mar Salaries expense Cash $ 1,200 $ 2,700 17-Mar Cash Unearned Revenue $ 2,700 $ 800 20-Mar Accounts Payable Cash $ 800 $ 2,400 22-Mar Cash Accounts Receivable $ 2,400 $ 1,750 23-Mar Salaries expense Cash $ 1,750 25-Mar Cash Loss on sale of assets Computer Equipment $ $ 1,200 300 $ 1,500 $ 2,800 25-Mar Computer Equipment Cash $ 2,800 $ 150 28-Mar Allowance for doubful debts Accounts Receivable $ 150 $ 5,000 =200*25 29-Mar Treasury Stock Cash $ 5,000 $ 1,900 31-Mar Salaries expense Cash $ 1,900 $ 7,900 31-Mar Accounts Receivable Accounting Service Revenue Tax Service Revenue $ $ 3,000 4,900 $ 800 =(1,000-200)*1 31-Mar Dividends Cash $ 800

Credit Date Debit Date Credit Accounts Receivable 15-Mar $ 4,500 22-Mar $ 2,400 31-Mar $ 7,900 28-Mar $ 150 Date Debit Date Credit Allowance for doubful debts 28-Mar $ 150 Date Debit Date Supplies 3-Mar $ 2,500 F&F T Accounts Date Debit Date Credit Cash 1-Mar $ 30,000 1-Mar $ 4,500 1-Mar $ 10,000 1-Mar $ 11,100 17-Mar $ 2,700 5-Mar $ 250 22-Mar $ 2,400 6-Mar $ 3,600 25-Mar $ 1,200 16-Mar $ 1,200 20-Mar $ 800 23-Mar $ 1,750 25-Mar $ 2,800 29-Mar $ 5,000 31-Mar $ 1,900 31-Mar $ 800 Bal. $12,600 Prepaid Rent 1-Mar $ 4,500 Bal. $ 9,850 Prepaid Insurance 6-Mar $ 3,600 Bal. $ (150) Bal. $ 2,500 Computer Equipment Furniture & Fixtures 1-Mar $ 6,000 25-Mar $ 1,500 1 -Mar $ 4,400 25-Mar $ 2,800 Bal. Bal. Bal. $ 4,500 Office Equipment 1-Mar $ 700 Bal. $ 3,600 Accounts Payable 20-Mar $ 800 3-Mar $ 2,500 $ 7,300 Unearned Revenue 17-Mar $ 2,700 $ 4,400 Notes Payable 1-Mar $ 10,000 Bal. $ $ 1,700 $ 2,700 $ 10,000 700 Common Stock 1-Mar $ 30,000 Bal. Retained Earnings Bal. Treasury Stock 29-Mar $ 5,000 Bal. Dividends 800 31-Mar $ Bal. $ 30,000 Accounting Service Revenue 15-Mar $ 2,000 31-Mar $ 3,000 Bal. $ Tax Service Revenue 15-Mar $ 2,500 31-Mar $ 4,900 Bal. $ 5,000 Salaries expense 16-Mar $ 1,200 23-Mar $ 1,750 31-Mar $ 1,900 Bal. $ 800 Utility expense 5-Mar $ 250 $ 5,000 Bal. $ 7,400 Bal. $ 4,850 Bal. $ 250 Bal. Loss on sale of assets 25-Mar $ 300 Bal. $ 300

F&F Account Names Cash Accounts Receivable Allowance for doubful debts Supplies Prepaid Rent Prepaid Insurance Computer Equipment Furniture & Fixtures Office Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Treasury Stock Dividends Accounting Service Revenue Tax Service Revenue Salaries expense Utility expense Loss on sale of assets Totals Unadjusted TB Debit Credit 12,600 9,850 150 2,500 4,500 3,600 7,300 4,400 700 1,700 2,700 10,000 30,000 5,000 800 5,000 7,400 4,850 250 300 56,800 56,800