Reference no: EM133021244

Question - Genius Marketing Inc. started business and completed these transactions during March 2021.

1. Mar 1: Received $8,000 cash from owners and issued common shares.

2. Mar 1: Paid premium for a one-year insurance policy $1,200. Monthly insurance cost is $100.

3. Mar 1: Bought Dell computer on account, $1,500, expected useful life is 5 years with no salvage value. Depreciation expense is accrued every month

4. Mar 4: Purchased supplies for cash, $1,500.

5. Mar 9: Performed marketing service for a client, and received cash for the full amount $2,700

6. Mar 12: Received $900 in advance for marketing work to be performed within the next 30 days

7. Mar 16: Hired a secretary with salary to be paid on the 15th day of the next month. Monthly Salary is $1,100 (Assuming 30 days each month). Secretary worked half month in March.

8. Mar 25: Earned $250 by performing the service work that the firm has received cash on Mar 12

9. Mar 31: Received phone bill $150 charged for March use of phone service. Payment is to be made on the due date April 15.

At March 31, the following information is gathered:

a. Supplies on hand: $300

b. The firm uses accrual accounting system

Use the information above, journalize and post the accounting entries, make adjusted trial balance, as well as income statement and balance sheet.