Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lars Linken opened Bridgeport Cleaners on March 1, 2020. During March, the following transactions were completed. Mar. 1 1 1 2 3 6 Owner invested
Lars Linken opened Bridgeport Cleaners on March 1, 2020. During March, the following transactions were completed. Mar. 1 1 1 2 3 6 Owner invested $12,000 cash in the company. Borrowed $4,800 cash by signing a 6-month, 6%, $4,800 note payable. Interest will be paid the first day of each subsequent month. Purchased used truck for $6,400 cash. Paid $1,200 cash to cover rent from March 1 through May 31. Paid $1,800 cash on a 6-month insurance policy effective March 1. Purchased cleaning supplies for $1,600 on account. Billed customers $2,960 for cleaning services performed. Paid $400 on amount owed on cleaning supplies. Paid $1,400 cash for employee salaries. Collected $1,280 cash from customers billed on March 14. Billed customers $3,360 for cleaning services performed. Paid $280 for gas and oil used in truck during month (use Maintenance and Repairs Expense). Owner withdrew $720 cash from the company. 14 18 20 21 28 31 31 2. Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) 1. Services performed but unbilled and uncollected at March 31 was $160. Depreciation on equipment for the month was $200. One sixth of the insurance expired. An inventory count shows $220 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $860. 6 One month of the prepaid rent has expired, One month of interest expense related to the note payable has accrued and will be paid April 1. 3. 4. 7. Debit Sr. Date Account Titles and Explanation Mar. 1. 31 Credit Mar 2. 31 Mar 3. 31 4 Mar. 31 5. Mar. 31 6. Mar. 31 7. Mar 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started