Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 Invested $10,368 cash in the business. 1

Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 Invested $10,368 cash in the business. 1 Purchased used truck for $5,680, paying $2,840 cash and the balance on account. 3 Purchased cleaning supplies for $1,046 on account. 5 Paid $1,392 cash on one-year insurance policy effective March 1. 14 Billed customers $4,814 for cleaning services. 18 Paid $1,428 cash on amount owed on truck and $467 on amount owed on cleaning supplies. 20 Paid $1,892 cash for employee salaries. 21 Collected $1,341 cash from customers billed on March 14. 28 Billed customers $2,606 for cleaning services. 31 Paid gas and oil for month on truck $192. 31 Withdrew $632 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: John Wild

1st Edition

0073403989, 978-0073403984

More Books

Students also viewed these Accounting questions