john hasty opened his bakery on march 1 1999 the following transactions took place i 613830

John Hasty opened his bakery on March 1, 1999. The following transactions took place in early March:

1. Deposited $10,000 into a checking account in the name of the Hasty Bakery.

2. Leased a small kitchen for one year at $500 per month. One month’s rent was paid at this time.

3. Purchased kitchen equipment for $3,000 cash.

4. Purchased baking ingredients for $6,000 on account.

5. Obtained a $2,000, nine percent, one-year loan.

6. Rented a delivery truck for three years. The monthly payment of $200 is due at the end of each month. Nothing was paid in March.

7. Obtained a one-year insurance policy on the kitchen equipment. Paid the entire premium of $500.

Required

a. Prepare the journal entries to record these transactions.

b. Prepare any necessary adjusting entries (such as interest expense).

c. Post all journal entries to T-accounts.

d. Prepare a trial balance.

e. Prepare a balance sheet for the Hasty Bakery as of March 31, 1999.