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The following transactions were completed by Lara’s Landscaping Service:
Mar. 1 Lara deposited $35,000 in a bank account in the name of the business.
4 Lara invested his personal landscaping equipment, with a fair market value of $1,325, in the business. 6 Bought a used trailer on account from Tow Sales, $915, Inv. No. 314.
7 Paid the rent for the current month, $950, Ck. No. 1000.
9 Bought a used backhoe from Digger’s Equipment, $5,300, paying $3,000 in cash and placing the balance on account, Inv. 4166, Ck. No. 1001.
Mar. 10 Bought liability insurance for one year, $1,800, Ck. No. 1002.
13 Sold landscaping services on account to Fredkey’s, $3,895, Inv. No. 100.
14 Bought supplies on account from Office Requip, $380, Inv. No. 5172.
15 Sold landscaping services on account to C. Endel, $2,832, Inv. No. 101.
17 Received and paid the bill from Commercial Services for gas and oil for the equipment, $180, Ck. No. 1003.
19 Sold landscaping services for cash to Riston Company, $1,864, Inv. No. 102.
22 Paid on account to Tow Sales, $500, Inv. No. 314, Ck. No. 1004.
24 Received on account from Fredkey’s, $800, Inv. No. 100.
28 Sold landscaping services on account to Stevens, Inc., $1,830, Inv. No. 103.
29 Received and paid the telephone bill, $260, Ck. No. 1005.
30 Paid the salary of the employee, $1,850, Ck. No. 1006.
31 Lara withdrew cash for his personal use, $1,500, Ck. No. 1007.
Required
1. Journalize the transactions in the general journal, beginning on page 1. Write a brief explanation for each entry.
2. Write the name of the owner on the Capital and Drawing accounts.
3. Post the journal entries to the general ledger accounts.
4. Prepare a trial balance dated March 31, 20—.