Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 Invested $10,439 cash in the business. 1 Purchased used truck for $6,010, paying $3,005 cash and the balance on account. 3 Purchased cleaning supplies for $1,149 on account. 5 Paid $1,248 cash on one-year insurance policy effective March 1. 14 Billed customers $4,890 for cleaning services. 18 Paid $1,359 cash on amount owed on truck and $442 on amount owed on cleaning supplies. 20 Paid $1,887 cash for employee salaries. 21 Collected $1,321 cash from customers billed on March 14. 28 Billed customers $2,404 for cleaning services. 31 Paid gas and oil for month on truck $219. 31 Withdrew $622 cash for personal use. The chart of accounts for Eddy's Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 301 L. Eddy, Capital, No. 306, L. Eddy, Drawing, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense Journalize the March transactions. Use page J1 for the journal. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. If amounts are the same, list alphabetically.) Date Account/Description Debit Credit Mar. 1 Mar. 1 Mar. 3 Mar. 5 Mar. 14 Mar. 18 Mar.20 Mar. 21 Mar. 28 Mar. 31 Mar. 31 Prepare a trial balance at March 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet. (If answer is zero, please enter 0. Do not leave any fields blank.) 1. Earned but unbilled revenue at March 31 was $839. 2. Depreciation on equipment for the month was $252. 3. One-twelfth of the insurance expired. 4. An inventory count shows $367 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $405. 1. EDDY'S CARPET CLEANERS Worksheet For the Month Ended March 31, 2010 Trial Bal Adjustments Adjusted Trial Bal Income Statement Balance Sheet AcctTitles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash Acct Rcv Cleaning Sup Prepaid Ins Equipment Acct Pay L. Eddy, Cap L. Eddy, Draw Svc Rev Gas & Oil Exp Salaries Exp Totals Depreciation Exp Accumulated Depreciation Insurance Expense Cleaning Supplies Expense Salaries Payable Totals Net Income Totals Prepare the income statement and owner's equity statement for March and a classified balance sheet at March 31. (List amounts from largest to smallest eg 10, 5, 3, 2. List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2. If answer is zero, please enter 0. Do not leave any fields blank.) EDDY'S CARPET CLEANERS Income Statement Revenues $ Expenses $ Total expenses Net income $ EDDY'S CARPET CLEANERS Owner's Equity Statement $ Add: Less: $ EDDY'S CARPET CLEANERS Balance Sheet Assets Current Assets $ Total current assets Property, plant and equipment $ : Total assets $ Liabilities and Owner's Equity Current liabilities $ Total current liabilities Owner's Equity Total liabilities and owner's equity $ Journalize adjusting entries. Use page J2 for the journal. General Journal J2 Date Account/Description Debit Credit Mar. 31 (To adjust accounts receivable.) Mar. 31 (To adjust depreciation.) Mar. 31 (To adjust insurance.) Mar. 31 (To adjust cleaning supplies.) Mar. 31 (To adjust salaries.) Journalize the closing entries. Use page J3 for the journal. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) General Journal J3 Date Description/Account Debit Credit Mar 31 (To close revenue account.) Mar 31 (To close expense accounts.) Mar. 31 (To close net income.) Mar. 31 (To close drawings.) Post the March transactions and adjusting entries using the three-column form of account. Post the closing entries and complete the closing process. (If answer is zero, please enter 0. Do not leave any fields blank.) Cash No. 101 Date Explanation Ref. Debit Credit Balance Mar. 1 J1 1 J1 5 J1 18 J1 20 J1 21 J1 31 J1 31 J1 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Mar.14 J1 21 J1 28 J1 31 Adjusting J2 Cleaning Supplies No. 128 Date Explanation Ref. Debit Credit Balance Mar. 3 J1 31 Adjusting J2 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance Mar. 5 J1 31 Adjusting J2 Equipment No. 157 Date Explanation Ref. Debit Credit Balance Mar. 1 J1 Accumulated Depreciation - Equipment No. 158 Date Explanation Ref. Debit Credit Balance Mar. 31 J2 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance Mar. 1 J1 3 J1 18 J1 Salaries Payable No. 212 Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 L. Eddy, Capital No. 301 Date Explanation Ref. Debit Credit Balance Mar. 1 J1 31 Closing J3 31 Closing J3 L. Eddy, Drawing No. 306 Date Explanation Ref. Debit Credit Balance Mar. 31 J1 31 Closing J3 Income Summary No. 350 Date Explanation Ref. Debit Credit Balance Mar. 31 Closing J3 31 Closing J3 31 Closing J3 Service Revenue No. 400 Date Explanation Ref. Debit Credit Balance Mar. 14 J1 28 J1 31 Adjusting J2 31 Closing J3 Gas & Oil Expense No. 633 Date Explanation Ref. Debit Credit Balance Mar. 31 J1 31 Closing J3 Cleaning Supplies Expense No. 634 Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 31 Closing J3 Depreciation Expense No. 711 Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 31 Closing J3 Insurance Expense No. 722 Date Explanation Ref. Debit Credit Balance Mar. 31 Adjusting J2 31 Closing J3 Salaries Expense No. 726 Date Explanation Ref. Debit Credit Balance Mar. 20 J3 31 Adjusting J3 31 Closing J3 Prepare a post-closing trial balance at March 31. (If answer is zero, please enter 0. Do not leave any fields blank.) ng trial balance at March 31. (If answer is zero, please enter 0. Do not leave any fields blank.) EDDY'S CARPET CLEANERS Post-Closing Trial Balance March 31, 2010 Trial Balance Account Titles Dr. Cr. Cash $ $ Accounts Receivable Cleaning Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable L. Eddy, Capital L. Eddy, Drawings Service Revenue Gas & Oil Expense Salaries Expense Depreciation Expense Insurance Expense Cleaning Supplies Expense $ $