Question
Dakota Skye opened Clean 4 U, Inc. on March 1, 2023. During March, the following transactions were completed: Mar. 1 Issued 5,000 shares of Clean
Dakota Skye opened Clean 4 U, Inc. on March 1, 2023. During March, the following transactions were completed:
Journalize the March transactions.
Post to ledger accounts. (HintCalculate Balances to this point )
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Prepare a Trial Balance as of March 31, 2023.
Adjustment Data:
A. Services performed for customers through March 31, 2023, but unbilled and uncollected were $5,950.
B. Clean 4 U used the allowance method to estimate bad debts. Clean 4 U estimates that 3% of its month-end receivables will not be collected.
C. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 5 years, and $500 salvage value.
D. Record 1 month of insurance expense.
E. An inventory count shows $650 of supplies on hand on March 31st.
F. Record services performed for the customer who paid in advance on March 7th.
G. Accrue for wages owed through March 31st.
H. Accrue interest expense for one month.
Instructions:
Journalize the adjusting entries. (Round all amounts to whole dollars.)
Post the adjusting entries to the ledger accounts. (HintCalculate new balances where needed )
Prepare an Adjusted Trial Balance as of March 31, 2023.
Journalize the closing entries. (HintUse your Adjusted Trial Balance for accounts and amounts )
Post the Closing Entries to the ledger accounts.
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Prepare a Post-Closing Trial Balance on March 31, 2023.
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