Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lars Linken opened Monty Cleaners on March 1,2020. During March, the following transactions were completed. Mar. Owner invested $13,800 cash in the company 1 Borrowed

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 Monty Cleaners on March 1,2020. During March, the following transactions were completed. Mar. Owner invested $13,800 cash in the company 1 Borrowed $5,400 cash by signing a 6 -month, 6%,$5,400 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for $7,400 cash. 2. Pald \$1,500 cash to cover rent from March 1 through May 31 3. Paid \$2,100 cash on a 6 -month insurance policy effective March 1. 6 Purchased cleaning supplies for $1.840 on account: 14 Billed customers $3,400 for cleaning services performed. 18 Paid $460 on amount owed on cleaning supplies. 20 Paid $1,610 cash for employee salaries: 21 Collected \$1,470 cash from customers billed on March 14 1 Borrowea $0,40 casn by signing a o-montn, 0%,$0,400 note payadie. Interest will de paid the nist aay o subsequent month. 1 Purchased used truck for $7,400cash. 2. Paid \$1,500 cash to cover rent from March 1 through May 31. 3 Paid \$2.100 cash on a 6-month insurance policy effective March 1. 6 Purchased cleaning supplies for $1,840 on account. 14 Billed customers $3,400 for cleaning services performed. 18 Paid $460 on amount owed on cleaning supplies. 20 Paid $1,610 cash for employee salaries. 21 Collected \$1,470 cash from customers billed on March 14 28 Billed customers $3,860 for cleaning services pertormed. 31 Paid \$320 for gas and oll used in truck during month (use Maintenance and Repairs Experses), 31 Owner withdrew $830 cash from the company: \begin{tabular}{|c|c|ccc} \hline \multicolumn{5}{|c|}{ Owner's Capital } \\ \hline & 3/31 & & \\ \hline & & \\ \hline & & 13,800 \\ \hline & & & \\ \hline \end{tabular} Supplies Expense 3/31 1,580 Depreciation Expense 3/31 230

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_2

Step: 3

blur-text-image_3

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

Waste Management And Environmental Auditing Of An Urban Road Project

Authors: Babagana Mohammed, Salim Mohammed Sani

1st Edition

3330344563, 978-3330344563

More Books

Students also viewed these Accounting questions