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need complete accounting proces trail balance, income statement, journal and T accounts PART III Mike Young opened Young's Carpet Cleaners Corporation on March 1. During

need complete accounting proces trail balance, income statement, journal and T accounts image text in transcribed
PART III Mike Young opened Young's Carpet Cleaners Corporation on March 1. During March, the following transactions were completed Mar. 1 Invested $20,000 cash in the business. 0 Purchased used truck for $6,5oo, paying $3,000 cash and the balance on account. 1 DB 500 3 5 Purchased cleaning supplies for $1,300 on account-coubito a-cook Paid $1,900 cash on one-year insurance policy effective March 1. P ,20 14 Billed customers $2,800 for cleaning services Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. Cranina sipplies 18 20 Sula,K'eKpuwe- 180D Paid $1,800 cashfor employee salaries. 21 Collected $1,400 cash from customers billed on March 14. 28 Billed customers $2,500 for cleaning services Account Reuvla 31 Paid gas and oil for month on truck $200.Exan 31 Borrowed $70,000 from a local bank on a long-term note 31 Declared and paid a $1,000 cash dividend. 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. 202 Notes Payable, No. 212 Salaries Payable, No. 301 Capital Stock, No. 306, Dividend, 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. a) Journalize and post the March transactions. Use page 11 for the journal and three- column form for account GENERALIOURNAL PAGE 1

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