Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lars Linken opened Cheyenne Cleaners on March 1, 2020. During March, the following transactions were completed. Mar. 1 Owner invested $12,300 cash in the company.
Lars Linken opened Cheyenne Cleaners on March 1, 2020. During March, the following transactions were completed.
Mar. 1 | Owner invested $12,300 cash in the company. | ||
1 | 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. | ||
1 | Purchased used truck for $6,600 cash. | ||
2 | Paid $1,200 cash to cover rent from March 1 through May 31. | ||
3 | Paid $2,100 cash on a 6-month insurance policy effective March 1. | ||
6 | Purchased cleaning supplies for $1,640 on account. | ||
14 | Billed customers $3,030 for cleaning services performed. | ||
18 | Paid $410 on amount owed on cleaning supplies. | ||
20 | Paid $1,440 cash for employee salaries. | ||
21 | Collected $1,310 cash from customers billed on March 14. | ||
28 | Billed customers $3,440 for cleaning services performed. | ||
31 | Paid $290 for gas and oil used in truck during month (use Maintenance and Repairs Expense). | ||
31 | Owner withdrew $740 cash from the company. |
Journalize the March transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Journalize the March transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 1 (To record cash invested in the company) Mar. 1 (To record notes payable) Mar. 1 (To record purchase of truck) Mar. 2 Mar. 3 Mar. 6 Mar. 14 Mar. 14 Mar. 18 Mar. 20 Mar. 21 Mar. 28 Mar. 31 (To record maintenance of the truck) Mar. 31 (To record owner withdraws)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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