Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lars Linken opened Novak Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 9,400 shares of common stock for
Lars Linken opened Novak Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 9,400 shares of common stock for $14,100 cash. 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 $7,500 cash. 2 Paid $1,500 cash to cover rent from March 1 through May 31. 3 Paid $2,400 cash on a 6-month insurance policy effective March 1. 6 Purchased cleaning supplies for $1,880 on account. 14 Billed customers $3,480 for cleaning services performed. 18 Paid $470 on amount owed on cleaning supplies. 20 Paid $1,650 cash for employee salaries. 21 Collected $1,500 cash from customers billed on March 14. 28 Billed customers $3,950 for cleaning services performed. 31 Paid $330 for gas and oil used in truck during month (use Maintenance and Repairs Expense). 31 Declared and paid a $850 cash dividend. NOVAK CLEANERS Trial Balance March 31, 2022 Debit Credit Cash $ Cash Accounts Receivable Prepaid Rent Prepaid Insurance Supplies Equipment Service Revenue Accounts Payable Salaries and Wages Expense Notes Payable Common Stock Dividends Totals $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started