(93) Prepare a classified balance sheet at March 31. (List Current Assets in order of liquidity.) FLINT CLEANERS Balance Sheet Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity (92) Your answer is correct. Prepare a retained earnings statement for March. (List items th. FLINT CLEANERS Retained Earnings Statement For the Month Ended March 31, 2022 v Retained Earnings, March 1 ~ $1 Add Net Income / (Loss) 2277 2277 Less Dividends 1030 1247 Retained Earnings, March 31 FLINT CLEANERS Income Statement For the Month Ended March 31, 2022 Revenues Service Revenue 9240 Expenses Salaries and Wages Expense 3230 Rent Expense 600 Maintenance and Repairs Expense 400 1960 Supplies Expense 290 Depreciation Expense Insurance Expense 450 33 Interest Expense 6963 Total Expenses 2277 Net Income / (Loss) (f) Your answer is correct. Prepare an adjusted trial balance. FLINT CLEANERS Trial Balance March 31, 2022 Debit Credit 2 Cash 7920 > . Accounts Receivable 7420 Supplies 320 > S Prepaid Rent 1200 S Prepaid Insurance 2250 Equipment 9100 Accumulated Depreciation Equipment 290 S Notes Payable 6600 Accounts Payable 1710 Salaries and Wages Payable 1230 33 Interest Payable . Common Stock 17100 Prepare a trial balance at March 31. FLINT CLEANERS Trial Balance March 31, 2022 Debit Credit cash 7920 Accounts Receivable 7190 Supplies 2280 Prepaid Rent 1800 Prepaid Insurance 2700 9100 Equipment Notes Payable 6600 > > Accounts Payable 1710 17100 Common Stock > 1030 Dividends S 9010 Service Revenue > 400 Maintenance and Repairs Expense 2000 Salaries and Wages Expense 34420 34420 Totals Question 1 Lars Linken opened Flint Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 11,400 shares of common stock for $17,100 cash. 1 Borrowed $6,600 cash by signing a 6-month, 6%, $6,600 note payable. Interest will be paid the first day of each subs 1 Purchased used truck for $9,100 cash. 2 Paid $1,800 cash to cover rent from March 1 through May 31. 3 Paid $2,700 cash on a 6-month insurance policy effective March 1. 6 Purchased cleaning supplies for $2,280 on account. 14 Billed customers $4,220 for cleaning services performed. 18 Paid $570 on amount owed on cleaning supplies. 20 Paid $2,000 cash for employee salaries. 21 Collected $1,820 cash from customers billed on March 14. 28 Billed customers $4,790 for cleaning services performed. 31 Paid $400 for gas and oil used in truck during month (use Maintenance and Repairs Expense). 31 Declared and paid a $1,030 cash dividend. The chart of accounts for Flint Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, and Wages Payable, Notes Payable, Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service R Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense. Your answer is correct. Journalize the March transactions. (Credit account titles are automatically indented when the amount is entered. Do not la no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation 17100 Mar. 1 Cash 17100 Common Stock 6600 Mar. 1
