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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.

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.

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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 5990

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