Practice Set Geog Lav opened Geog Cleaners on March 1, 2016. During March, the following trans actions were completed. Complete all steps in accounting cycle. MarIssued 10,000 shares of common stock for $15,000 cash. 1 Purchased used truck for $10,000, paying S2,000 cash and the balance on account 3 Purchased cleaning supplies for $3.000 on account. 5 Paid S3.600 cash on a 6-month insurance policy effective March 1 14 Billed customers $4,700 for cicaning services. 18 Paid $2.500 cash on amount owed on truck and $600 on amount owed on cleaning 20 21 28 31 supplies. Paid $1,700 cash for employee salaries. Collected $1,650 cash from customers billed on March 14 Billed customers $4,100 for clcaning services. Paid $325 for gas and oil used in truck during month (use Maintenance and Repairs Expense) Declared and paid a $800 cash dividend. 31 The chart of accounts for Geog Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment. Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expensc. 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 $200 2. Depreciation on equipment for the month was $250. 3. One-sixth of the insurance 4. An inventory count shows $280 of cleaning supplies on hand at March 31 5. Accrued but unpaid employee salaries were $1,080 expired. (c) Post adjusting entries to the T accounts ) Prepare an adjusted trial balance. ) Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31 Joumalize and post closing entries and complete the closing process (i) Prepare a post-closing trial balance at March 31