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Lars Linken opened Pronghorn Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 9,800 shares of common stock for
Lars Linken opened Pronghorn Cleaners on March 1, 2022. During March, the following transactions were completed.
Mar. 1 | Issued 9,800 shares of common stock for $14,700 cash. | ||
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1 | Borrowed $6,000 cash by signing a 6-month, 6%, $6,000 note payable. Interest will be paid the first day of each subsequent month. | ||
1 | Purchased used truck for $7,800 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 $1,960 on account. | ||
14 | Billed customers $3,630 for cleaning services performed. | ||
18 | Paid $490 on amount owed on cleaning supplies. | ||
20 | Paid $1,720 cash for employee salaries. | ||
21 | Collected $1,570 cash from customers billed on March 14. | ||
28 | Billed customers $4,120 for cleaning services performed. | ||
31 | Paid $340 for gas and oil used in truck during month (use Maintenance and Repairs Expense). | ||
31 | Declared and paid a $880 cash dividend. |
Please help me only to solve the incorrect red color boxes
Income Statement For the Month Ended March 31, 2022 v Revenues Service Revenue 7950 A Expenses Rent Expense 500 Insurance Expense 400 Interest Expense 30 Salaries and Wages Expense 2780 Maintenance and Repairs Expense 340 Supplies Expense 1690 Depreciation Expense 250 > > Total Expenses 5990Step by Step Solution
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