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Magaly Hernndez opened Hernndez Cleaners on March 1, 2022. During March, the following transactions were completed. March 1 Owner invested $15,000.00 cash in the company.

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Magaly Hernndez opened Hernndez Cleaners on March 1, 2022. During March, the following transactions were completed. March 1 Owner invested $15,000.00 cash in the company. 1 Borrowed $6,000.00 cash by signing a 6-month, 6%,$6,000.00 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for $8,000.00 cash. 2 Paid $1,500.00 cash to cover rent from March 1 through May 31. 3 Paid $2,400.00 cash on a 6-month insurance policy effective March 1. 6 Purchased cleaning supplles for $2,000.00 on account. 14 Billed customer $3,700.00 for cleaning services performed. 18 Paid $500 on amount owed on cleaning supplles. 20 Paid $1,750.00 cash for employee salaries. 21 Collected $1,600.00 cash from customers billed on March 14. 28 Billed customers $4,200.00 for cleaning services performed. 31 Paid $350.00 for gas and oil used in truck during month (use Maintenance and repairs expense). 31 Owner withdrew $900.00 cash from the company Instructions: a. Journalize the March transactions. b. Post to the ledger accounts. c. Prepare a trial balance on March 31. d. Journalize the following adjustments: 1. Services performed but unbilled and uncollected on March 31 were $200.00. 2. Depreciation on equipment for the month was $250.00. 3. One-sixth of the insurance expired. 4. An inventory count shows $280.00 of cleaning supplies on hand on March 31. 5. Accrued but unpaid employee salaries were $1,080.00. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1. e. Post the adjusting entries to the ledger accounts. f. Prepare an adjusted trial balance. g. Prepare the income statement and an owner's equity statement for March and a classified balance sheet. h. Journalize and post-closing entries and complete the closing process. 1. Prepare a post-closing trial balance on March 31

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