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Lars Linken opened Flint Cleaners on March 1, 2020. During March, the following transactions were completed. Mar. Shareholders invested 23,400 cash in the business
Lars Linken opened Flint Cleaners on March 1, 2020. During March, the following transactions were completed. Mar. Shareholders invested 23,400 cash in the business in exchange for ordinary shares. 1 1 Borrowed 9,360 cash by signing a 6-month, 5%, 9,360 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for 12,480 cash. 2 Paid 2,340 cash to cover rent from March 1 through May 31. 3 Paid 3,744 cash on a 6-month insurance policy effective March 1. 6 Purchased cleaning supplies for 3,1 on account. 14 Billed customers 5,772 for cleaning services performed. 18 -20 21 22 28 Paid 780 on amount owed on cleaning supplies. Paid 2,730 cash for employee salaries Collected 2,496 cash from customers billed on March 14. Billed customers 6,552 for cleaning services performed. Paid 546 for gas and oil used in truck during month (use Maintenance and Repairs Expense). 31 31 Declared and paid a 1,404 cash dividend.
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