Lars Linken opened Concord Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 11,000 shares of common stock for $16,500 cash. 1 Borrowed $6,600 cash by signing a 6-month, 6%, $6,600 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for $8,800 cash. 2 Paid $1,800 cash to cover rent from March 1 through May 31. 3 Paid $2,700 cash on a 6-month insurance policy effective March 1. 6 Purchased cleaning supplies for $2,200 on account 14 Billed customers $4,070 for cleaning services performed. 18 Paid $550 on amount owed on cleaning supplies. 20 Paid $1,930 cash for employee salaries. 21 Collected $1,760 cash from customers billed on March 14. 28 Billed customers $4,620 for cleaning services performed. 31 Paid $390 for gas and oil used in truck during month (use Maintenance and Repairs Expense). 31 Declared and paid a $990 cash dividend. The chart of accounts for Concord 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 Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense (a) Your answer is correct. enter o for the amounts.) 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. If no entry is required, select "No Entry" for the account titles and Date Account Titles and Explanation Debit Credit 16500 Common Stock 16500 Mar. 1 v 6600 Notes Payable HIHIHIN 6600 Mar. 1 Equipment 8800 Cash 8800 Mar. 2 Prepaid Rent 1800 Mar 217 Cash 1760 Accounts Receivable 1760 Mar. 28 V Accounts Receivable 4620 Service Revenue 4620 Mar. 31 Maintenance and Repairs Expense 390 Cash 390 Mar 31 Dividends 990 Cash 990 (b) Your answer is correct. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 16500||| 3/1 8800 3/1 3/1 3/21 6600|| 3/2 1800 1760 | 3/3 2700 || 3/18 550 3/20 1930 3/31 390 3/31 990 3/31 Bal. 77001 Accounts Receivable 3/14 407011 3/21 1760 3/28 4620 3/31 Bal. 6930 Supplies 3/6 2200 Prepaid Rent 3/2 1800 Prepaid Insurance 3/3 27001 Equipment 3/1 8800 3/31 Bal. BB00 Notes Payable 3/1 6600 3/31 Bal v 6600 Accounts Payable 550 | 3/6 3/18 22001 1650 3/31 Bal. Common Stock 3/1 16500 16500 3/31 Bal. Dividends 3/31 990 Service Revenue 3/14 40701 3/28 4620 8690 3/31 Bal Maintenance and Repairs Expense 390 3/31 Salaries and Wages Expense 3/20 1930 Your answer is correct. Prepare a trial balance at March 31. CONCORD CLEANERS Trial Balance March 31, 2022 Debit Credit Cash 7700 Accounts Receivable 6930 ITE Supplies 2200 Prepaid Rent 1800 Prepaid Insurance 2700 Equipment 8800 Accounts Payable 1650 Notes Payable 6600 Common Stock 16500 Dividends 990 Service Revenue 8690 Salaries and Wages Expense 1930 > Maintenance and Repairs Expense 390 Totals 33440 33440 Your answer is correct. 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 o for the amounts.) 1. Services performed but unbilled and uncollected March 31 was $220. 2. Depreciation on equipment for the month was $280. 3. One-sixth of the insurance expired. 4. An inventory count shows $310 of cleaning supplies on hand at March 31. Accrued but unpaid employee salaries were $1,190. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1. Date Account Titles and Explanation Debit Credit 1. Mar 31 v Accounts Receivable 220 Service Revenue 220 Mar 31 v Depreciation Expense 280 Accumulated Depreciation Equipment 280 3. Mar 31 V Insurance Expense 450 Prepaid Insurance 450 4. Mar. 31 Supplies Expense 1890 Supplies 1890 5. Mar 317 Salaries and Wages Expense 1190 Salaries and Wages Payable 1190 6. Mar. 317 Rent Expense 600 Prepaid Rent 600 7. Mar. 31 Interest Expense 33 Interest Payable 3/6 2,2003/31 1890 3/31 Bal 310 Prepaid Rent 3/2 1,5003/31 600 3/31 Bal. 1200 Prepaid Insurance 3/3 2,7003/31 450 3/31 Bal. 2250 3/1 3/31 Bal. Equipment 8,800 8,800 Accumulated Depreciation Equipment 3/31 280 3/31 Bal 280 6,600 6,600 Notes Payable 3/1 3/31 Bal. Accounts Payable 550 3/6 3/31 Bal. Salaries and Wages Payable 3/18 2,200 1,650 3/31 1190 1190 3/31 Bal. Interest Payable 3/31 33 33 3/31 Bal. Common Stock 3/1 3/31 Bal. Dividends 16,500 16,500 3/31 9901 Service Revenue 3/14 4,070 3/28 4,620 3/31 2201 89101 3/31 Bal. Maintenance and Repairs Expense 390] Supplies Expense 3/31 3/31 1890 Depreciation Expense 3/31 280 Insurance Expense 450 3/31 Salaries and Wages Expense 1,9301 3/20 3/31 1190 Well 3/31 Bal 3120 Rent Expense 3/31 6001 Interest Expense 3/31 33 Your answer is correct. Prepare an adjusted trial balance. CONCORD CLEANERS Trial Balance March 31, 2022 Debit Credit Cash 7700 Accounts Receivable 7150 Supplies 310 JIONI Prepaid Rent 1200 Prepaid Insurance 2250 Equipment 8800 Accumulated Depreciation Equipment 280 Accounts Payable 1650 Notes Payable 6600 Interest Payable und 3 33 Salaries and Wages Payable 1190 > Common Stock 16500 > Dividends 990 Service Revenue 8910 Salaries and Wages Expense 3120 Maintenance and Repairs Expense 390 THE Depreciation Expense 280 Insurance Expense 450 Rent Expense 600 Interest Expense 33 Supplies Expense 1890 Totals 35163 35163 (gi) your answer is correct. Prepare the income statement for March CONCORD CLEANERS Income Statement For the Month Ended March 31, 2022 Revenues Service Revenue 8910 Expenses Salaries and Wages Expense 3120 Maintenance and Repairs Expense 390 Depreciation Expense 280 Insurance Expense 450 Rent Expense 600 Interest Expense 33 Supplies Expense 1890 Total Expenses 6763 Net Income / (Loss) 2147 (92) Your answer is correct. Prepare a retained earnings statement for March. (List items that increase retained earnings first.) CONCORD CLEANERS Retained Earnings Statement For the Month Ended March 31, 2022 Retained Earnings, March 1 0 Add Net Income / (Loss) 2147 2147 Less Dividends 990 Retained Earnings, March 31 1157 (93) Your answer is correct. Prepare a classified balance sheet at March 31. (List Current Assets in order of liquidity.) CONCORD CLEANERS Balance Sheet March 31, 2022 Assets Current Assets Cash 7700 Accounts Receivable 7150 Supplies 310 Prepaid Rent 1200 Prepaid Insurance 2250 Total Current Assets 18610 Property, Plant and Equipment Equipment 8800 Less V Accumulated Depreciation Equipment 280 8520 Total Assets 27130 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 1650 Interest Payable Salaries and Wages Payable 1190 Notes Payable 6600 Total Current Liabilities 9473 Stockholders' Equity Common Stock 16500 Retained Earnings 1157 Total Stockholders' Equity 17657 Total Liabilities and Stockholders' Equity v 27130 (h) Your answer is partially correct. Try again. Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. For Date Account Titles and Explanation Debit Credit Mar. 31 Service Revenue 8910 8910 Income Summary (To dose revenue account) Mar. 31 Income Summary 6763 Salaries and Wages Expense 3120 Maintenance and Repairs Expense 390 Depreciation Expense 280 Insurance Expense 450 Rent Expense 600 Interest Expense 33 1890 Supplies Expense (To close expense accounts) Mar. 31 Income Summary 2147 Retained Earnings 2147 (To dose net income to retained earnings) Mar. 31 Retained Earnings 990 990 Dividends (To close dividends to retained earnings) 3/1 3/1 3/21 8,800 1,800 2,700 550 1,930 390 990 3/31 Bal. 1,760 3/14 3/28 3/31 3/31 Bal. Cash 16,5003/1 6,6003/2 1,7603/3 3/18 3/20 3/31 3/31 7,700 Accounts Receivable 4,0703/21 4,620 2201 7,150 Supplies 2,2003/31 310 Prepaid Rent 1,8003/31 1,200 Prepaid Insurance 2,700 3/31 2,250 1,890 3/6 3/31 Bal. 3/2 600 3/31 Bal. 450 3/3 3/31 Bal. 3/1 3/31 Bal. Equipment 8,800 8,800 Accumulated Depreciation-Equipment |3/31 3/31 Bal. Notes Payable 280 280 6,600 6,600 3/18 2,200 1,650 |3/31 Bal. Accounts Payable 550 3/6 |3/31 Bal. Salaries and Wages Payable 3/31 |3/31 Bal. Interest Payable 3/31 3/31 Bal. 1,190 1,190 33 33 Common Stock 3/1 3/31 Bal. Retained Earnings 16,500 16,500 Dividends 3/31 9901 00000 Income Summary Service Revenue 3/14 4,070 A ||3/28 4,620 4 3/31 220 Maintenance and Repairs Expense 3901 3/31 Supplies Expense 1,890 III 3/31 Depreciation Expense 3/31 280 Insurance Expense 3/31 4501 boniin Salaries and Wages Expense 1,930 3/20 3/31 1,1901 Rent Expense 3/31 600 DOO Interest Expense 3/31 33