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. Thecompany has been successful, and its list of customers has grown.To accommodate the growth, the accounting system is modified to setup separate accounts for each customer. The following chart ofaccounts includes the account number used for each account and anybalance as of December 31, 2011. Santana Rey decided to add afourth digit with a decimal point to the 106 account number thathad been used for the single Accounts Receivable account. Thischange allows the company to continue using the existing chart ofaccounts.
In response to requests from customers, S. Rey will beginselling computer software. The company will extend credit terms of1/10, n/30, FOB shipping point, to all customers who purchase thismerchandise.However, no cash discount is available on consultingfees. Additional accounts (Nos. 119, 413, 414, 415, and 502) areadded to its general ledger to accommodate the company’s newmerchandising activities.Also, Business Solutions does not use reversing entries and,therefore, all revenue and expense accounts have zero beginningbalances as of January 1, 2012. Its transactions for Januarythrough March follow:
Required1. Prepare journal entries to record each of the January throughMarch transactions.2.  postthe journal entries in part 1 to the accounts inthe 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 sixcolumns (similar to the one shown in Exhibit 5B.1) that includesthe unadjusted trial balance, the March 31 adjustments (a) through(g), and the the adjusted trial balance. Do not prepare closingentries and do not journalize the adjustments or postthem to theledger.4.  Prepare an income statement (from the adjusted trialbalance in part 3) for the three months ended March31, 2012. Use asingle-step format. List all expenses without differentiatingbetween selling expenses andgeneral and administrativeexpenses.5.  Prepare a statement of owner’s equity (from theadjusted trial balance in part 3) for the three months ended March31, 2012.6. Prepare a classified balance sheet (from the adjusted trialbalance) as of March 31, 2012

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