Answered step by step
Verified Expert Solution
Link Copied!

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.)

image text in transcribedimage text in transcribed

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

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 Accounting

Authors: Robert Libby

1st Canadian Edition

0070891737, 978-0070891739

More Books

Students also viewed these Accounting questions

Question

Outline three of Vivess contributions to psychological thought.

Answered: 1 week ago