Extra AJE and Smts Practice Question #1: Greenclean Carpet Cleaners opened on March 1, 2012. During March, the following transactions were completed: Mar. 1 The Owner invested $10,000 in the business. 2 Purchased a used truck for $24,000, by paying $6,000 cash, and signing a three-year 8% note payable for the balance. Interest is due the first of each month. The truck had been appraised at a value of $26,000. It has an estimated useful life of 5 years, at which time it is expected to be worthless. 3 Purchased cleaning supplies for $1,200 for cash. 4 15 220 Paid $1,800 cash on one-year insurance policy effective March 1. Received $3,500 from customers for one month of cleaning services, starting today. Paid $1,500 cash for employee salaries. Hired 2 employees. Required: Complete T-Account entries for the March transactions. Complete T-Account entries for the following transactions: 1. Earned but unbilled revenue at Mar. 31 of $600 2. Depreciation on the truck. 3. Accrued interest on the note payable. 4. An inventory count shows $400 of cleaning supplies on hand at Mar. 31. 5. Expired insurance. 6. Uneamed revenue now earned. 7. Employee salaries of $500 were unpaid at Mar. 31. Analysis 1. Calculate the Current Ratio and Quick Ratio. 2. Which accounts would you see on the Post Closing Trial Balance