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I need help with the journal entries, adjusting entries, classified balance sheet and the post closing balance PTUDlen. Laura Eddy opened Eddy's Carpet Cleaners on
I need help with the journal entries, adjusting entries, classified balance sheet and the post closing balance
PTUDlen. Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar 1 3 14 18 Invested $10,000 cash in the business. Purchased used truck for $6,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $1,200 on account. Pald $1,200 cash on one-year insurance policy effective March 1. Billed customers $4,800 for cleaning services. Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. Paid $1,800 cash for employee salaries. Collected $1,400 cash from customers billed on March 14. Billed customers $2,500 for cleaning services. Paid gas and oil for month on truck $200. Withdrew $700 cash for personal use. 20 21 28 31 31 The chart of accounts for Eddy's Carpet Cleaners contains the following accounts: 101 Cash 112 Accounts Receivable 128 Cleaning Supplies 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation-Equipment 201 Accounts Payable 212 Salaries Payable 301 L. Eddy, Capital 306, L. Eddy, Drawing 350 Income Summary 400 Service Revenue 633 Gas & Oil Expense 634 Cleaning Supplies Expense 711 Depreciation Expense 722 Insurance Expense 726 Salaries Expense Instructions: 1 Journalize the March entries. 2 Post to the accounts in the general ledger. 3 Complete the work sheet trial balance. 4 Enter the adjusting entries: Adjusted Trial Balance totals are $20,950. a) Earned but unbilled revenue at March 31 was $700. b) Depreciation on equipment for the month was $250. c) One-twelfth of the insurance expired. d) An inventory count shows $400 of cleaning supplies on hand at March 31. e) Accrued but unpaid employee salaries were $500. 5 Complete the work sheet. Net Income is $4,350. Prepare an income statement, a statement of owner's equity, and a classified balance sheet (Total assets are $16,350). 7 Journalize the adjusting and closing entries. Post them. (8 Prepare the post-closing trial balance. Post Closing Trial Balance totals are $16,600Step by Step Solution
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