Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following
transactions were completed.
Mar. 1: Invested $15,000 cash in the business.
Mar. 1: Purchased used Lorry for $6,000, paying $3,000 cash and the balance on
account.
Mar. 3: Purchased cleaning supplies for $1,500 on account.
Mar. 5: Paid $1,200 cash on one-year insurance policy effective March 1.
Mar. 14: Billed customers $4,800 for cleaning services.
Mar. 18: Paid $1,500 cash on amount owed on Lorry and $500 on amount owed on
cleaning supplies.
Mar. 20: Paid $2,000 cash for employee salaries.
Mar. 21: Collected $2,800 cash from customers billed on March 14.
Mar. 28: Billed customers $2,500 for cleaning services.
Mar. 31: Paid advertising expenses of $500.
Mar. 31: Withdrew $1000 cash for personal use.

Requirements:

1) Journalize the March transactions.
2) Prepare necessary Ledger Accounts.
3) Prepare a Trial Balance at March 31.

4) Journalize the following adjustments and prepare an adjusted Trial Balance:
   (i) Earned but unbilled revenue at March 31 was $500.
   (ii) Depreciation on equipment for the  month was $200.
   (iii) One-twelfth of the insurance expired.
   (iv) An inventory count shows $400 of cleaning supplies on hand at March 31.
    (v) Accrued but unpaid employee salaries were $700.

5) Prepare the Income Statement and Owner’s Equity Statement for March and a classified Financial Position at March 31.
6) Journalize Closing Entries.