Mike Young opened Young's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 14 18 Invested $18,000 cash in the business. Purchased used truck for $7,000, paying $3,000 cash and the balance on account. Purchased cleaning supplies for $1,300 on account. Paid S1,600 cash on one-year insurance policy effective March 1. Billed customers $2,800 for cleaning services. Paid S1,600 cash on amount owed on truck and S500 on amount owed on cleaning supplies. Paid $400 cash on amount owed on cleaning supplies. Paid $1,600 cash for employee salaries. Collected $1,500 cash from customers billed on March 14. Billed customers $3,500 for cleaning services Paid gas and oil for month on truck $400. Withdrew $800 cash for personal use. 20 28 31 31 The chart of accounts fro Young'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 M. Young, Capital, No. 306, M. Young, 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, No. 726 Salaries Expense. Instructions: a) Journalize and post the March transactions. Use page Jl for the journal and three- column form for account. b) Prepare a trial balance at March 31 on a work sheet. c) Enter the following adjustments on the work sheet and complete the work sheet. 1) Earned but unbilled revenue at March 31 was $700. 2) Depreciation on equipment for the month was $250. 3) One-twelfth of the insurance expired. 4) An inventory count shows $600 of cleaning supplies on hand at March 31. 5) Accrued but unpaid employee salaries were $500. d) Prepare the income statement and owner's equity statement for March and a classified balance sheet at March 31. e) Journalize and post adjustment entries. f Journalize and post closing entries and complete the closing process. g) Prepare a post-closing trial balance at March 3- TUTO PREZ opened Perez's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 1 Invested $35,000 cash in the business. Purchased used truck for $8,000, paying $3,000 cash and the balance on account Purchased cleaning supplies for $2.400 on account. Paid $3,900 cash on one-year insurance policy effective March 1. Billed customers $4,900 for cleaning services. Paid $2,600 cash on amount owed on truck Paid $2,700 cash for employee salaries. Collected $2,700 cash from customers billed on March 14. Billed customers 55,600 for cleaning services Paid gas and oil for month on truck $700. Withdrew $900 cash for personal use. Prez invested additional $34,000 cash in the company Paid $850 cash for this month's telephone bill. 20 31 31 The chart of accounts fro Perez'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 Tuto Prez's , Capital, No. 306, Tuto Prez's, 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, No. 726 Salaries Expense, No. 727 Telephone Expense. Instructions: a) Journalize and post the March transactions. Use page Jl for the journal and three column form for account. b) Prepare a trial balance at March 31. c) Enter the following adjustments on the work sheet and complete the work sheet. 1) Earned but unbilled revenue at March 31 was $900. 2) Depreciation on equipment for the month was $450. 3) One-twelfth of the insurance expired. 4) An inventory count shows $800 of cleaning supplies on hand at March 31. 5) Accrued but unpaid employee salaries were $900. d) Prepare the income statement and owner's equity statement for March and a classified balance sheet at March 31. e) Joumalize and post adjustment entries. 1) Joumalize and post closing entries and complete the closing process. g) Prepare a post-closing trial balance at March 31