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Lars Linken opened Sheffield Cleaners on March 1, 2017. During March, the following transactions were completed. Mar. 1 Issued 10,800 shares of common stock for

Lars Linken opened Sheffield Cleaners on March 1, 2017. During March, the following transactions were completed.

Mar. 1 Issued 10,800 shares of common stock for $16,200 cash.
1 Borrowed $6,600 cash by signing a 6-month, 6%, $6,600 note payable. Interest will be paid the first day of each subsequent month.
1 Purchased used truck for $8,600 cash.
2 Paid $1,500 cash to cover rent from March 1 through May 31.
3 Paid $2,700 cash on a 6-month insurance policy effective March 1.
6 Purchased cleaning supplies for $2,160 on account.
14 Billed customers $4,000 for cleaning services performed.
18 Paid $540 on amount owed on cleaning supplies.
20 Paid $1,890 cash for employee salaries.
21 Collected $1,730 cash from customers billed on March 14.
28 Billed customers $4,540 for cleaning services performed.
31 Paid $380 for gas and oil used in truck during month (use Maintenance and Repairs Expense).
31 Declared and paid a $970 cash dividend.

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Prepare an adjusted trial balance.

Cash 16,2003/1 6,600 3/2 1,730 3/3 8,600 1,500 2,700 540 1,890 380 970 3/21 3/18 3/20 3/31 3/31 7,950 4,000 3/21 4,54 3/31 Bal Accounts Receivable 3/14 1, 730 3/28 3/31 220 3/31 Bal. 7030 Supplies 3/6 2,1601 3/31 1860 3/31 Bal. 300 Prepaid Rent 3/2 3/31 500 Prepaid Insurance 3/3 2, 3/31 450 3/31 Bal. : 2250 Equipment 8,600 8,600 3/31 Bal Accumulated Depreciation-Equipment 3/31 270 3/31 Bal. 270 Notes Payable 6,600 6,600 3/31 Bal Accounts Payable 540 3/6 2,160 1,620 3/18 3/31 Bal Salaries and Wages Payable 3/31 1170 3/31 Bal. 1170 Interest Payable 3/31 3/31 Bal. Common Stock 16,200 16,200 3/31 Bal. Dividends 97 Service Revenue 3/31 3/14 4,000 3/28 4,540 3/31 220 3/31 Bal. 8760 Maintenance and Repairs Expense 38 Supplies Expense 3/31 3/31 1860 Depreciation Expense Depreciation Expense 3/31 270 Insurance Expense 3/31 450 Salaries and Wages Expense 3/20 1,89 3/31 1170 3/31 Bal. 3060 Rent Expense 3/31 500 Interest Expense 3/31 SHEFFIELD CLEANERS Trial Balance March 31, 2017 Debit Credit

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