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1 Issued 10,000 shares of common stock for $15,000 cash. 1 Borrowed $6,000 cash by signing a 6-month, 6%, $6.000 note payable. Interest will be

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1 Issued 10,000 shares of common stock for $15,000 cash. 1 Borrowed $6,000 cash by signing a 6-month, 6%, $6.000 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for $3.000 cash. 2 Paid $1,500 cash to cover rent from March 1 through May 31. 3 Paid $2,400 cash on a 6-month insurance policy effective March 1. B Purchased cleaning supplies for $2.000 on account. 14 Billed customers $3,200 for cleaning services performed. 18 Paid $500 on amount owed on cleaning supplies. 20 Paid $1.250 cash for employee salaries. 21 Collected $1,600 cash from customers billed on March 14. 23 Billed customers $4,200 for cleaning services performed. 31 Paid $350 for gas and oil used in truck during month (use Maintenance and Repairs Expense]. 31 Declared and paid a $900 cash dividend. The chart of accounts for Lars Cleaners contains the following accounts: Cash. Accounts Receivable, Supplies. Prepaid Insurance. Prepaid Rent, Equipment. Accumulated DepreciationEquipment. Accounts Payable. Salaries and Wages Payable. Notes Payable. Interest Payable. Common Stock. Retained Earnings, Dividends. Income Summary. Service Revenue. Maintenance and Repairs Expense, Supplies Expense. Depreciation Expense. Insurance Expense. Salaries and Wages Expense, Rent Expense. and Interest Expense. Instructions (a) Journalize the March transactions. (b) Post to the ledger accounts. (Use T-accounts.) {c} Prepare a trial balance at March 31. [d] Journalize the following adjustments. 1. Services performed but unbilled and uncollected at March 31 was $200. 2. Depreciation on equipment for the month was $250. 3. Onesixth of the insurance expired. 4. An inventory count shows $230 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1.030. B. One month of the prepaid rent has expired. 7". One month of interest expense related to the note payable has accrued and will be paid April 1. (Hint: Use the formula from Illustration 413 to compute interest.)

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