P4.5B (LO 1, 2) AP Laura Eddy opened Eddy's Carpet Cleaners on March 1, 2021. In March, the follow- ing transactions were completed: Mar. 1 Laura invested $10,000 cash in the business. Purchased a used truck for $6,500, paying $1,500 cash and signing a note payable for the 1 balance. Purchased supplies for $1,200 on account. Paid $1,200 on a one-year insurance policy, effective March 1. Billed customers $4,800 for cleaning services. Paid $500 of amount owed on supplies. Paid $1,800 for employee salaries. 5 12 18 20 Collected $1,400 from customers billed on March 12 Billed customers $2,500 for cleaning services. Paid $375 for repairs on the truck. Withdrew $900 cash for personal use. 21 25 31 31 Instructions a. Journalize and post the March transactions. b. Prepare a trial balance at March 31. c. Journalize and post the following adjustments: 1. The truck has an estimated useful life of five years. 2. One twelfth of the insurance expired. 3. An inventory count shows $400 of supplies on hand at March 31. 4. Accrued but unpaid employee salaries were $500. 5. The note payable has a 4.5 % annual interest rate. 6. Unbilled cleaning services at March 31 were $500. d. Prepare an adjusted trial balance. e. Prepare the income statement and statement of owner's equity for March, and a classified balance sheet at March 31, 2021. Of the note payable, $2,000 must be paid by March 1, 2022. f. Journalize and post the closing entries. g. Prepare a post-closing trial balance at March 31. Do companies need to make adjusting and closing entries at the end of every month? Taking It Further