P4-8B Julie Molony opened Valet Cleaners on March 1, 2007. During March, the following transactions were completed. Mar. 1 Issued 10,000 shares of common stock for $15,000 cash. 1 Purchased used truck for $8,000, paying $5,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,200 on account. 5 Paid $1,800 cash on 1-year insurance policy effective March 1. 14 Billed customers $3,200 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $1,750 cash for employee salaries. 21 Collected $1,600 cash from customers billed on March 14. 28 Billed customers $4,200 for cleaning services. 31 Paid $350 for gas and oil used in truck during month. 31 Declared and paid a $900 cash dividend. The chart of accounts for Valet Cleaners contains the following accounts: Cash, Accounts Receivable, Cleaning Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Salaries Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Gas & Oil Expense, Cleaning Supplies Expense, Depreciation Expense, Insurance Expense, Salaries Expense. Instructions (a) Journalize the March transactions. (b) Post to the ledger accounts. (Use T accounts.) (c) Prepare a trial balance at March 31. (d) Journalize the following adjustments. 1. Earned but unbilled revenue at March 31 was $600. 2. Depreciation on equipment for the month was $250. 3. One-twelfth of the insurance expired. 4. An inventory count shows $280 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $830. (e) Post adjusting entries to the T accounts. (f) Prepare an adjusted trial balance. (g) Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31. (h) Journalize and post closing entries and complete the closing process. (i) Prepare a post-closing trial balance at March 31