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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. |
I need the Owners Equity statement for March. ( Tell me if you need More Info )
Prepare an adjusted trial balance. CHEYENNE CLEANERS Trial Balance March 31, 2020 Debit Credit Cash $ $ 5630 $ Accounts Receivable 5320 Supplies 230 Service Revenue 6630 Owner's Capital 12300 Accounts Payable 1230 Prepaid Rent 800 Salaries and Wages Expense 2330 Maintenance and Repairs Expense 290 Prepaid Insurance 1750 Equipment 6600 Accumulated Depreciation Equipment 210 Notes Payable 4800 Owner's Drawings 740 Depreciation Expense 210 Insurance Expense 350 Supplies Expense 1410 Salaries and Wages Payable 890 Rent Expense 400 Interest Expense 24 Interest Payable 24 Totals $ $ 26084 $ 26084 CHEYENNE CLEANERS Income Statement For the Month Ended March 31, 2020 Revenues Service Revenue $ 6630 Expenses Supplies Expense $ 1410 i Maintenance and Repairs Expense 290 i Depreciation Expense 210 i Insurance Expense 350 i Salaries and Wages Expense 2330 i Rent Expense 400 i Interest Expense 24 i Total Expenses $Step by Step Solution
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