Part A: Enter the March Transactions and Adjustments in the Accounting

Essay

Part A: Enter the March transactions and adjustments in the accounting equation below.
1. March 1 Collected $6,000 of its accounts receivable from February sales.
2. March 1 Tim’s Tams paid $1,000 for two months’ rent beginning March 1.
3. March 1 Borrowed $16,000 on a 4-month, 6% note payable.
4. March 1 Paid $18,000 cash for a truck that has an estimated useful life of 6 years with no salvage value.
5. March 6 Paid $4,300 of its accounts payable from the caps purchased in February.
6. March 20 Tim’s Tams sold 300 baseball caps @ $10.00 each on account. The caps cost $6 each.
7. March 31 Tim’s Tams declared and paid a $500 cash dividend to its shareholder.
8. March 31 Adjusted for insurance used during the month. Recall that on February 1, Tim’s Tams paid $600 for 3 months of insurance coverage that began February 1.
9. March 31 Adjusted for rent used during the month. Recall that Tim’s Tams paid $1,000 for two months’ rent.
10. March 31 Recorded one month’s depreciation on the $18,000 truck that has a 6-year useful life.
11. March 31 Recorded interest on the $16,000, 4-month, 6% note payable for the month.


Part D: Complete the financial statement.

Part E:

Part F: For each item, write in the amount (even if $0) as of or for the Month ended March 31, 2011 and write in the one financial statement where the line item is found: Part G: Use the transactions and financial statements to answer the following: