Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello dear, could you please help me only in part (f & g) because the other parts already solved by one of your expertise. Note:

Hello dear, could you please help me only in part (f & g) because the other parts already solved by one of your expertise.
Note: I attached the solution of parts (a,b,c & d)
I appreciate your efforts to help us.. many thanks :)
image text in transcribed
image text in transcribed
image text in transcribed
Salma Ali opened Fresh Step Carpet Cleaners on March 1. During March, the following transactions were completed Mar 1. Shareholders invested O.R14,000 cash in the business in exchange for ordinary shares. 2. Purchased used truck for O.R10,000, paying O.R3,000 cash and the reminder on account 3. Purchased cleaning supplies for O.R1,200 on account. 5. Paid O.R1, 800 cash on one-year insurance policy effective March 1 14. Billed customers O.R4, 500 for cleaning services performed. 18. Paid O.R1,500 cash on amount owed on truck and O.R500 on amount owedon Cleaning supplies. 20. Paid O.R1,800 cash for employee salaries. 21. Collected O R1,600 cash from customers billed on March 14 28. Billed customers O.R2,500 for cleaning services. 30. Paid O R320 for the monthl the truck y gasoline used for 31. Declared and paid O.R800 cash dividends. Instructions: (a) Journalize and post the March transactions. (b) Prepare a trial balance at March 31 (c) Journalize and post adjusting entries. 1. Unbilled revenue for services performed at March 31 was O.R1000. 2. Depreciation on equipment for the month was O.R300 3. One-twelfth of the insurance expired. 4. An inventory count shows O.R250 of cleaning supplies on hand at March 31 5. Accrued but unpaid employee salaries were O.R690 (d) Prepare the income statement and a retained earnings statement for March and a classified statement of financial position at March 31 (f) Journalize and post- closing entries and complete the closing process. (g) Prepare a post- closing trial balance at March 31. Accounting I Assignment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Alan Melville

2nd Edition

0273634399, 978-0273634393

More Books

Students also viewed these Accounting questions

Question

Did you add the logo at correct size and proportion?

Answered: 1 week ago

Question

Did you ask for action?

Answered: 1 week ago