Clocktower Cleaning, Inc., had the following transactions for the month of March 2018:

Mar 2 Paid Rent Expense, $900.4 Performed service for a customer and received cash, $1,600.8 Purchased supplies on account, $800.11 Received cash from credit customers on account, $2,300.15 Sold an additional $40,000 of Common Stock.19 Paid $450 on account.27 Performed service for customers on account, $3,000.31 Made a payment on the Notes Payable, $2,000.

The following T-accounts have been set up for Clocktower Cleaning, Inc., with their beginning balances as of March 1, 2018:

Requirements

1. Journalize the transactions for the month of March. Explanations are not required.

2. Post the journal entries to the appropriate T-accounts. Identify all items by date.

3. Calculate the balance of each account at March 31, 2018.

4. Prove that the total of all the debit balances equals the total of all of the credit balances by preparing a trial balance at March 31, 2018.

Transcribed Image Text:

Accounts Payable Cash 111 211 2,000 Mar 1 Mar 1 1,400 Notes Payable Mar 1 Accounts Receivable 212 112 15,000 3,300 Mar 1 Common Stock 311 Supplics 113 Mar 1 32,100 Mar 1 300 Service Revenue 411 Building 114 Mar 1 2,200 Mar 1 42,000 Rent Expense 511 Office Furniture 116 Mar 1 800 Mar 1 2,300