Prepare a statement of owner’s equity (from the adjusted trial balance in part 3) for the three months ended March 31, 2012.

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Prepare a statement of owner’s equity (from the adjusted trial balance in part 3) for the three months ended March 31, 2012.

Santana Rey created Business Solutions on October 1, 2011. The
company has been successful, and its list of customers has grown.
To accommodate the growth, the accounting system is modified to set
up separate accounts for each customer. The following chart of
accounts includes the account number used for each account and any
balance as of December 31, 2011. Santana Rey decided to add a
fourth digit with a decimal point to the 106 account number that
had been used for the single Accounts Receivable account. This
change allows the company to continue using the existing chart of
accounts.

In response to requests from customers, S. Rey will begin
selling computer software. The company will extend credit terms of
1/10, n/30, FOB shipping point, to all customers who purchase this
merchandise.However, no cash discount is available on consulting
fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are
added to its general ledger to accommodate the company’s new
merchandising activities.
Also, Business Solutions does not use reversing entries and,
therefore, all revenue and expense accounts have zero beginning
balances as of January 1, 2012. Its transactions for January
through March follow:

Required
1. Prepare journal entries to record each of the January through
March transactions.
2.  postthe journal entries in part 1 to the accounts in
the company’s general ledger. (Note: Begin with the ledger’s post
-closing adjusted balances as of December 31, 2011.)
3. Prepare a partial work sheet consisting of the first six
columns (similar to the one shown in Exhibit 5B.1) that includes
the unadjusted trial balance, the March 31 adjustments (a) through
(g), and the the adjusted trial balance. Do not prepare closing
entries and do not journalize the adjustments or postthem to the
ledger.
4.  Prepare an income statement (from the adjusted trial
balance in part 3) for the three months ended March31, 2012. Use a
single-step format. List all expenses without differentiating
between selling expenses andgeneral and administrative
expenses.
5.  Prepare a statement of owner’s equity (from the
adjusted trial balance in part 3) for the three months ended March
31, 2012.
6. Prepare a classified balance sheet (from the adjusted trial
balance) as of March 31, 2012


 

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