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Lars Linken opened Culver Cleaners on March 1, 2025. During March, the following transactions were completed. Mar. 1 Issued 11,200 shares of common stock for
Lars Linken opened Culver Cleaners on March 1, 2025. During March, the following transactions were completed. Mar. 1 Issued 11,200 shares of common stock for $16,800 cash. 1 Borrowed $6,600 cash by signing a 6-month, 6%,$6,600 note payable. Interest will be paid the first day of eac subsequent month. 1 Purchased used truck for $9,000 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 $2,240 on account. 14 Billed customers $4,140 for cleaning services performed. 18 Paid $560 on amount owed on cleaning supplies. 20 Paid $1,960 cash for employee salaries. 21 Collected $1,790 cash from customers billed on March 14. 28 Billed customers $4,700 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 $1,010 cash dividend. Prepare a trial balance at March 31. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Supplies Prepaid Rent Prepaid Insurance 3/3 Equipment Notes Payable Accounts Payable Common Stock 3/1 16800 Dividends Service Revenue Maintenance and Repairs Expense Salaries and Wages Expense 3/20 1960
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