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can i get some help with this? i have to build it in an excel sheet Gillian Shaw opened Shaw's Carpet Cleaners on March 1.
can i get some help with this? i have to build it in an excel sheet
Gillian Shaw opened Shaw's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 Stockholders invested $10,000 cash in the business in exchange for common stock 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 $1,200 cash on a 1-year insurance policy effective March 1. 14 Billed customers $4,800 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 $4,500 for cleaning services. 31 Paid $500 for the monthly gasoline bill for the truck. 31 Paid a $700 cash dividend. Instructions (a) Journalize the March transactions. (b) Prepare an unadjusted trial balance at March 31 (21,500) (c) Journalize following adjustments (1) Unbilled and uncollected revenue for services performed at March 31 was$500. (2) Depreciation on equipment for the month was $300. (3) One-twelfth of the insurance expired. (4) An inventory count shows $250 of cleaning supplies on hand at March 31. (5) Accrued but unpaid employee salaries were $550. (d) Prepare an adjusted trial balance at March 31 (22,850) (e) Prepare an income statement (5,600) and a retained earnings statement for March and a classified balance sheet (Total Assets 17,650) at March 31. (f) Journalize the closing entries and complete the closing process. (g) Prepare a post-closing trial balance at March 31. (17,950)Step by Step Solution
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