Lars Linken opened Concord Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 1 1 2 3 6 Issued 11,000 shares of common stock for $16,500 cash. 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. Purchased used truck for $8,800 cash. Paid $1,800 cash to cover rent from March 1 through May 31. Paid $2,700 cash on a 6-month insurance policy effective March 1. Purchased cleaning supplies for $2,200 on account Billed customers $4,070 for cleaning services performed. Paid $550 on amount owed on cleaning supplies. Paid $1,930 cash for employee salaries. Collected $1,760 cash from customers billed on March 14. Billed customers $4,620 for cleaning services performed. Paid $390 for gas and oil used in truck during month (use Maintenance and Repairs Expense). Declared and paid a $990 cash dividend. 14 18 20 21 28 31 31 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. Journalize and post closing entries and complete the closing process. (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 for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Debit Credit Date Account Titles and Explanation Mar. 31 Service Revenue 8910 (To close revenue account) Mar. 31 Maintenance and Repairs Expense 390 Depreciation Expense 280 450 Insurance Expense Supplies Expense 1890 Rent Expense 600 33 Interest Expense Salaries and Wages Expense (To close expense accounts) 3120 Mar. 31 1157 Retained Earnings (To close net income to retained earnings) Dividends Mar. 31 990 (To close dividends to retained earnings) Cash 3/1 3/1 3/21 16.500 | 3/1 6,600 3/2 1,760 3/3 3/18 3/20 3/31 3/31 7,700 8,800 1,800 2,700 550 1.930 390 990 3/31 Bal. 1,760 Accounts Receivable 3/14 3/28 3/31 3/31 Bal. 4,070 3/21 4.620 220 7.150 Supplies 3/6 3/31 Bal. 1.890 2.2003/31 310 Prepaid Rent 3/2 600 1.8003/31 1.200 3/31 Bal. Prepaid Insurance 3/3 3/31 Bal. 450 2.7003/31 2.250 Equipment 3/1 3/31 Bal. 8,800 8.800 Accumulated Depreciation-Equipment 3/31 3/31 Bal. 280 280 Notes Payable 3/1 3/31 Bal. 6,600 6,600 Accounts Payable 3/18 550 3/6 3/31 Bal. 2.200 1.650 Salaries and Wages Payable 3/21 1190 Salaries and Wages Payable 3/31 3/31 Bal. 1.190 1.190 Interest Payable 33 3/31 3/31 Bal. 33 Common Stock 3/1 3/31 Bal. 16.500 16,500 Retained Earnings Dividends 3/31 990 Income Summary Service Revenue 3/14 4,070 3/28 4,620 3/31 220 Maintenance and Repairs Expense 3/31 390 Supplies Expense 3/31 1.890 Supplies Expense 3/31 1.890 Depreciation Expense 3/31 280 Insurance Expense 3/31 450 Salaries and Wages Expense 3/20 1.930 3/31 1.190 Rent Expense 3/31 600 Interest Expense 3/31 33
