Prepare a classified balance sheet at March 31. (List Current Assets in order of liquidity) SHEFFIELD CLEANERS Balance Sheet March 31, 2022 Current Assets Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Total Current Assets Property, Plant and Equipment Equipment Less Total Assets Current Liabilities Notes Payable Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Interest Payable Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity eTextbook and Media List of Accounts Using multiple attempts will impact your score. 10% score reduction after attempt 3 7) Assets Liabilities and Stockholders' Equity 8090 6880 300 1000 2000 8500 6600 1590 1140 33 15900 1237 Attempts: unlimited Journalize and post closing entries and complete the closing process. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Date Account Titles and Explanation Mar. Mar. 31 (To close revenue account) Mar. 31 Mar. (To close expense accounts) (To close net income to retained earnings) (To close dividends to retained eamings) Debit Credit Cash 3/1 15,900 3/1 8,500 3/1 6,600 3/2 1,500 3/21 1,700 3/3 2,400 3/18 3/201 1,860 3/31 370 3/31 950 3/31 Bal. 8,090 Accounts Receivable 3/14 3/28 3/31 3/31 Bal. Supplies 3/6 3/31 Bal. Prepaid Rent 3/2 3/31 Bal. Prepaid Insurance 3/3 3/31 Bal. 3,920 3/21 1,700 4,450 210 6,880 2,120 3/31 1,820 300 1,500 3/31 500 1,000 2,400 3/31 400 2,000 Equipment 3/1 8,500 3/31 Bal. 8,500 Accumulated Depreciation-Equipment Notes Payable 3/31 270 3/31 Bal. 270 3/1 6,600 3/31 Bal 6,600 Accounts Payable 3/18 530 3/6 2,120 3/31 Bal. 1,590 Salaries and Wages Payable 3/31 1,140 3/31 Bal 1,140 Interest Payable 3/31 33 3/31 Bal 33 Common Stock 3/1 15,900 3/31 Bal 15,900 Retained Earnings Dividends 3/31 Income Summary Service Revenue Maintenance and Repairs Expense 3/31 Supplies Expense 3/31 1,820 Depreciation Expense Insurance Expense 3/31 Salaries and Wages Expense 3/31 400 1,860 1,140 Rent Expense 3/31 500 Interest Expense 3/31 3/14 3,920 3/28 4,450 3/31