Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I NEED THE ACCOUTNIG CYCLE Lars Linken opened Flint Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 l' Issued

I NEED THE ACCOUTNIG CYCLE

image text in transcribed
Lars Linken opened Flint Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 l' Issued 11,400 shares of common stock for $17,100 cash. Borrowed $6,600 cash by signing a 6-month, 6%, $6,600 note payable. Interest will be paid the first day of each subsequent month. Purchased used truck for $9,100 cash. Paid $1,800 cash to cover rent from March 1 through May 31. Paid $2,700 cash on a 6-month insurance policy effective March 1. Purchased cleaning supplies for $2,230 on account. Billed customers $4,220 for cleaning services performed. Paid $570 on amount owed on cleaning supplies. Paid $2,000 cash for employee salaries. Collected $1,820 cash from customers billed on March 14. Billed customers $4,790 for cleaning services performed. Paid $400 for gas and oil used in truckduring month (use Maintenance and Repairs Expense). Declared and paid a $1,030 cash dividend. The chart of accounts for Flint Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated DepreciationEquipment, Accounts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense

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

Step: 3

blur-text-image

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 And Managerial Accounting

Authors: Charles T Horngren, Jr Walter T Harrison

2nd Edition

0135080193, 9780135080191

More Books

Students also viewed these Accounting questions

Question

8. What values do you want others to associate you with?

Answered: 1 week ago