Mike Young opened Young's Carpet Cleaners Inc. on March 1. During March, the following transactions were completed.

Mar. 1 Issued $10,000 of common stock for $10,000 cash.

1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account.

3 Purchased cleaning supplies for $1,200 on account.

5 Paid $1,800 cash on one-year insurance policy effective March 1.

14 Billed customers $2,800 for cleaning services.

18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies.

20 Paid $1,800 cash for employee salaries.

21 Collected $1,400 cash from customers billed on March 14.

28 Billed customers $2,500 for cleaning services.

31 Paid gas and oil for month on truck $200.

31 Declared and paid $700 cash dividend.

The chart of accounts for Young's Carpet Cleaners Inc. contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No.
157 Equipment, No. 158 Accumulated Depreciation—Equipment. No. 201 Accounts Payable.
No. 2 1 2 Salaries Payable, No. 3 1 1 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense.
Instructions

(a) Journalize and post the March transactions. Use page Jl for the journal and the threecolumn form of account.

(b) Prepare a trial balance at March 31 on a work sheet.

(c) Enter the following adjustments on the work sheet and complete the work sheet.
(1) Earned but unbilled revenue at March 31 was $700.
(2) Depreciation on equipment for the month was $250.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $600 of cleaning supplies on hand at March 31.
(5) Accrued but unpaid employee salaries were $500.

(d) Journalize and post adjusting entries. Use page J2 lor the journal.

(e) Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31.

(f) Journalize and post closing entries and complete the closing process. Use page .13 lor the journal.
(j») Prepare a post-closing trial balance at March 31.