• Lynda Hines opened Fresh Step Carpet Cleaners on March 1. During March, the followingtransactions were completed.Mar. 1 Stockholders invested $14,000 cash in the business in exchange for common stock.1 Purchased used truck for $8,000, paying $3,000 cash and the balance on account.3 Purchased cleaning supplies for $1,200 on account.5 Paid $1,800 cash on one-year insurance policy effective March 1.14 Billed customers $4,800 for cleaning services.18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies.20 Paid $1,800 cash for employee salaries.21 Collected $1,600 cash from customers billed on March 14.28 Billed customers $2,500 for cleaning services.31 Paid gasoline for month on truck $320.31 Declared and paid $800 cash dividends.The chart of accounts for Fresh Step Carpet Cleaners contains the following accounts: No. 101Cash, No. 112 Accounts Receivable, No. 128 Supplies, No. 130 Prepaid Insurance, No. 157Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212Salaries and Wages Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gasoline Expense, No.634 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726Salaries and Wages Expense.Instructions(a) Journalize and post the March transactions. Use page J1 for the journal and the three-columnform of account.(b) Prepare a trial balance at March 31 on a worksheet.(c) Enter the following adjustments on the worksheet and complete the worksheet.(1) Unbilled revenue for services performed at March 31 was $750.(2) Depreciation on equipment for the month was $300.(3) One-twelfth of the insurance expired.(4) An inventory count shows $250 of cleaning supplies on hand at March 31.(5) Accrued but unpaid employee salaries were $720.