During March the following transactions were completed. March 1- Issued common stock for $20,000 cash March 2- Purchased used van for $16,000,…
During March the following transactions were completed. March 1- Issued common stock for $20,000 cash March 2- Purchased used van for $16,000, paying $2,000 cash and the remainder on account. March 3- Purchased cleaning supplies for $1,200 on account. March 4- Paid $7,200 cash for one year of rent in advance. (effective March 1) March 12- Preformed cleaning services and billed customers $5,400. March 14- Paid $6,000 on the amount owed for the van and $800 on the amount owed for supplies. March 18- Paid $3,300 for employee salaries. March 21- Received $4,000 from customers billed on March 12. March 22- Paid $300 for van repairs. March 24- Received $5,800 cash for cleaning services provided to customers. March 31- Declared and paid $1,200 cash dividend. The chart of accounts contains: Cash, Accounts Receivable, Supplies, Prepaid Rent, Equipment, Accumulated Depreacition-Equipment, Accounts Payable, Salaries Payable, Common Stock, Retained Earnings, Dividends, Service Expense, Depreciation Expense. 1) Record each transaction in a journal. 2) post each transaction to the appropriate T-account. 3) Calculate the balance of each account as of March 31st. 4) Prepare a trial balance at March 31st. 5) Record the following adjustments in the journal: A) Services provided but unbilled at March 31st were $1,300 B) Depreciation on the van was $400 for the month. C) One month of rent expired. D) Unused supplies of $300 remained at March 31st. E) Accrued but unpaid salaries were $2,900 at March 31st. 6) Post the adjusted balance of each account. 7) Calculate the adjusted balance of each account. 8) Prepare an adjusted trial balance. 9)Prepare an income statement and a statement of Stockholders equity for March and a classified balance sheet at March 31st.
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