Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lars Linken opened Cheyenne Cleaners on March 1, 2022. During March, the following transactions were completed. Mar 1 Issued 8,200 shares of common stock for

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Lars Linken opened Cheyenne Cleaners on March 1, 2022. During March, the following transactions were completed. Mar 1 Issued 8,200 shares of common stock for $12,300 cash 1 Borrowed $4,800 cash by signing a 6-month, 6%, 54,800 note payable Interest will be paid the first day of each subsequent month. 1 Purchased used truck for $6,000 cash. 2. Paid $1.200 cash to cover rent from March 1 through May 31. 7 Paid $2,100 cash on a 6-month insurance policy effective March 1. o Purchased deaning supplies for $1,640 on account. 14 Blind customers $3,030 for cleaning services performed 18 Paid $410 on amount owed on deaning supplies. 20 Paid $1,440 cash for employee salaries 21 Collected $1,310 cash from customers bilied on March 14. 28 Billed customers $3,440 for cleaning services performed. 21 Pald 5290 for gas and oil used in truck during month (use Maintenance and repairs Expense) 31 Declared and paid a $740 cash dividend. The chart of accounts for Chevenne Cleaners contains the following accounts: Cash Accounts Receivable, Supplies, Prepaid Insurance Prepaid Rent Equipment, Accumulated Depreciation Equipment Accounts Payable, Salaries and Wages Payable, Notes Payable Interest Payable, Common Stock, Retained Garnings. Dividends, Income Summary, Service Revenue. Maintenance and repairs Expense, Supplies Expense, Depreciation Expense. Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense Journalize the March transactions. (Credit account titles are automatically indented when the count is entered, 0 not indent manually. Record journal entries in the order wesented in the problem. I entry is required. Selech. "No Entry for the account titles and enter for the amount) Antti wit Date the March transactions. (Credit account titles ar automatically Indented when the amount esenlered. Woinde the under presented in the problem. If no entry is required, select "No Entry for the account titles and enter o for the amounts) Miles and Explanation Debit Credit > > > A > Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Amortization Expense Buildings Cash Common Stock Depreciation Expense Dividends Equipment Income Summary Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Interest Receivable TS Interest Receivable Interest Revenue Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable Prepaid Advertising Prepaid Cleaning Prepaid Insurance Prepaid Rent Property Tax Expense Property Taxes Payable Rent Expense Rent Revenue Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Ticket Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue stion Prepaid Cleaning Prepaid Insurance Prepaid Rent Property Tax Expense Property Taxes Payable Rent Expense Rent Revenue Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Ticket Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Ticket Revenue Utilities Expense Website

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

Sound Investing, Chapter 7 - Cash Versus Accrual

Authors: Kate Mooney

1st Edition

0071719296, 9780071719292

More Books

Students also viewed these Accounting questions

Question

How do rules guide verbal communication?

Answered: 1 week ago