Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 of 1 0.11/1 Lars Linken opened Swifty Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 11,000

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Question 1 of 1 0.11/1 Lars Linken opened Swifty Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 11,000 shares of common stock for $17,600 cash. 1 1 2 3 6 14 Borrowed $6,200 cash by signing a 6-month, 6%, $6,200 note payable. Interest will be paid the first day of each subsequent month. Purchased used truck for $8,200 cash. Paid $1,680 cash to cover rent from March 1 through May 31. Paid $2,280 cash on a 6-month insurance policy effective March 1. Purchased cleaning supplies for $1,800 on account. Billed customers $3,900 for cleaning services performed. Paid $600 on amount owed on cleaning supplies. Paid $1,650 cash for employee salaries. Collected $1,500 cash from customers billed on March 14. Billed customers $4,400 for cleaning services performed. Paid $340 for gas and oil used in truck during month (use Maintenance and Repairs Expense). Declared and paid a $1,000 cash dividend. 18 20 21 28 31 31 The chart of accounts for Swifty Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense. Question 1 of 1 0.11/1 3/6 1800 3/31 Bal. 1800 Prepaid Rent 3/2 1680 3/31 Bal. 1680 Prepaid Insurance Equipment >> Notes Payable > Accounts Payable Question 1 of 1 0.11/1 Accounts Payable Common Stock Dividends Service Revenue Maintenance and Repairs Expense Salaries and Wages Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Define human resource management.

Answered: 1 week ago