Albert Meyers is the owner and operator of a sole proprietorship known as Meyers Cleaners. The business provides both laundering and dry cleaning services to its customers. Actual dry cleaning is not done on the premesis. The assets and liablilities 0f the business on March 1 of the current year are as follows: Cash $2,600; Accounts Receivable $450; Supplies $80; cleaning equipment $5,900; Delivery Equipment $4,500; Accounts Payable $970.

(a) Set up columnar headings using specific headings given above.

(b) Record the beginning balances, assigning a March 1 date, on the first line under the headings

(c) Determine the value of Albert Meyer's capital and show his balance on the first line

(d) Record the following business transactions for the month of March on the columnar form prepared. Be certain to indicate the date of the transaction and to show an explanation to the right of the capital column where appropriate.

200-

Mar 3 Paid rent for the month of March of $180 Mar 6 Purchased supplies on account $50.

Mar 7 Received cash from customers for dry cleaning sales, $1800, and laundry sales $700

Mar 10 Paid creditors on account $810

Mar 11 Billed customers for dry cleaning sales on account $590

Mar 13 Received monthly invoice for dry cleaning expense for February (to be paid on Apr. 10), $1,080

Mar 15 Paid the following wages expense $250; delivery equipment expense $70; utilities expense $55; miscellaneous expense $85.

Mar 16 Purchased cleaning equipment on account for $265

Mar 18 Received cash from dry cleaning customers on account $520

Mar 21 Paid creditor for purchase made on March 6 Mar 26 Paid a customer $60 for a garment lost by the cleaning company, which agreed to deduct the amount from the invoice received March 13

Mar 28 Purchased cleaning equipment for $2,000, paying half cash with balance due in 30 days

Mar 30 Determined the cost of supplies used during the month of March, $33. (the value of the asset used is to be converted to an expense

Mar 31 Borrowed $1500 from the bank and signed a note indicating repayment in full in 90 days.