Requirement #1:
 
 
 
 
 

During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping,

Completed the following transactions.

 
 
 

 
 
 
 
 
 
 

March 1

Began business by making a deposit in a company bank account of $72,000, in exchange

 

for 7,200 shares of $10 par value common stock.

 

 
 
 
 
 
 
 

March 1

Paid the current month’s rent, $4,500.

 
 

 
 
 
 
 
 
 

March 1

Paid the premium on a 1-year insurance policy, $3,300.

 
 
 
 
 
 
 

March 7

Purchased supplies on account from Parkview Company, $900.

 
 
 
 
 
 
 

March 10

Paid employee salaries, $2,200.

 
 
 

 
 
 
 
 
 
 

March 14

Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was

 

placed on account. Payments will be $375.00 per month for 20 months. The first payment is due 4/1.

 

Note: Use accounts payable for the balance due.

 

 
 
 
 
 
 
 

March 15

Received cash for landscaping revenue for the first half of March, $4,896.

 
 
 
 
 
 
 

March 19

Made payment on account to Parkview Company, $450.

 
 
 
 
 
 
 

March 31

Received cash for landscaping revenue for the last half of March, $5,304.

 
 
 
 
 
 
 

March 31

Declared and paid cash dividend of $1,000.

 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
 

Prepare journal entries to record the March transactions in the General Journal below.

 

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