Reference no: EM132898744

Question - Madden consulting was established March, and the transactions are as followed:

1st) Issued $10000 shares on exchange for cash.

3rd) Purchased $300 of supplies on account.

7th) Prepaid $1500 total for April, May and June rent.

8th) Paid $175 towards the 3 March purchase of supplies.

11th) Billed customers $5780 for services rendered

12th) Paid $700 for March advertising.

25th) Received $4500 from customers billed on 11 March. 28th) Paid $200 on dividends to shareholders.

29th) Paid $1200 for March salaries.

29th) Paid $760 for March water usage.

Required -

a. Prepare journal entries for each transaction (omitting explanations).

b. Post the journal to the appropriate ledger (T-accounts).

c. Prepare a trial balance at 31 March.

d. Prepare Madden's income statement for the month of March.

e. Prepare the retained earnings section of the statement of changes in equity for the month of March.

f. Prepare Madden's balance sheet at the end of March.