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Please use the financial statement effects template below to answer the question. Thanks! Question #4: Geog Lav opened Geog Cleaners on March 1, 2014. During
Please use the financial statement effects template below to answer the question. Thanks!
Question #4: Geog Lav opened Geog Cleaners on March 1, 2014. 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 $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,000 on account. 5 Paid $2,400 cash on a 6-month insurance policy effective March 1. 14 Billed customers $3,700 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 (use Maintenance and Repairs Expense). 31 Declared and paid a $900 cash dividend. Required: Use FSET to record the transactions BALANCE SHEET INCOME STATEMENT Transaction Liabilities Revenues Cash Assets Net Income Non cash Assets Expenses Contrib . . EarnedStep by Step Solution
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