Your answer is correct. Post adjusting entries to the T-accounts. 3/1 3/1 3/21 Cash 15,900 3/1 6,600/3/2 1,700 3/3 8,500 1,500 2,400 3/18 530 1,860 370 950 3/20 3/31 3/31 8,090 Accounts Receivable 3,920 3/21 3/31 Bal. 3/14 1,700 3/28 4,450 3/31 3/31 Bal. 6880 Supplies 3/6 2,120 3/31 1820 2,120|| 3/31 1820 3/6 2,120 13/31 30017 3/31 Bal. 1 300 Prepaid Rent 3/2 1,500||3/31 500 3/31 Bal. 1000 Prepaid Insurance 3/3 2,4003/31 3/31 Bal. 3/1 3/31 Bal. 2000 Equipment 8,500 8,500 Accumulated Depreciation-Equipment 3/31 270 3/31 Bal. Notes Payable 3/1 3/31 Bal. Accounts Payable 530 3/6 3/31 Bal. 6,600 6,600 3/19 2,120 1,590 Salaries and Wages Payable (3/31 1140 3/31 Bal. 1140 Interest Payable 3/31 3/31 Bal. Owner's Capital 3/1 3/31 Bal. Owner's Drawings 15,900 15,900 3/31 950 Bal. 950 Service Revenue 3/14 3,920 3/28 4,450 3/31 210 Bal. 8580 Maintenance and Repairs Expense 3/31 370T Bal. Supplies Expense 3/31 1820 Bal. BP 1820 Depreciation Expense 270T 3/31 - Bal. -- Insurance Expense 3/31 400 Bal. 400 Salaries and Wages Expense 3/20 1,860 3/31 1140 Bal. 3000 Bal. 3000 3000 Rent Expense 500T 3/31 T Bal. 500 Interest Expense T3/31 Bal. Your answer is correct. Prepare an adjusted trial balance. SHEFFIELD CLEANERS Trial Balance March 31, 2020 Debit Credit Cash 8090 Accounts Receivable 6880 Supplies 300 Prepaid Rent 1000 Prepaid Insurance 2000 Equipment 8500 Accumulated Depreciation-Equipment 270 Notes Payable 6600 Accounts Payable 1590 Accounts Payable 1590 > Salaries and Wages Payable 1140 > Interest Payable 33 Towner's Capital 15900 1 Owner's Drawings 1 1 Service Revenue 111 8580 TTTTTTTT 1 Maintenance and Repairs Expense 32 1 Supplies Expense JLI | 1820 1 1 Depreciation Expense 270 Insurance Expense 400 Salaries and Wages Expense 3000 Rent Expense - 500 Interest Expense Totals 34113 Your answer is correct. Prepare the income statement for March. SHEFFIELD CLEANERS Income Statement For the Month Ended March 31, 2020 Revenues Service Revenue 8580 Expenses Salaries and Wages Expense 3000 Supplies Expense 1820 Insurance Expense 400 Maintenance and Repairs Expense 370 Rent Expense 500 Depreciation Expense se 270 Interest Expense Total Expenses 6393 Net Income / (Loss) 2187 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT (92) Your answer is correct. Prepare a Owner's Equity statement for March. (List items that increase owner's equity first.) SHEFFIELD CLEANERS Owner's Capital Statement For the Month Ended March 31, 2020 Towner's Capital, March 1 Add Investment 15900 Net Income (Loss) 2187 Net Income / (Loss) 2187 18087 Owner's Drawings 950 Owner's Capital, March 31 V 17137 Prepare a classified balance sheet at March 31. (List Current Assets in order of liquidity.) SHEFFIELD CLEANERS Balance Sheet March 31, 2020 Assets Current Assets Cash 8090 Accounts Receivable 6880 Supplies 300 Prepaid Rent 1,000 Prepaid Insurance 2000 Total Current Assets 18270 Property, Plant and Equipment Equipment 8500 Less Accumulated Depreciation Equipment 270 8230 Total Assets 26500 Tess Accumulated Depreciation-Equipment 8230 Total Assets 26500 Liabilities and Owner's Equity Current Liabilities Notes Payable 6600 Accounts Payable 1590 Salaries and Wages Payable | 1140 Interest Payable Total Current Liabilities 9363 Owner's Equity Owner's Capital 17137 Total Liabilities and Owner's Equity 26500 SHOW LIST OF ACCOUNTS (h) Journalize the closing entries. (Credit account titles are automatically indented when the amount is ent Date Account Titles and Explanation Debit Credit Mar. 31 (To close revenue account) Mar. 31 (To close expense accounts) Post closing entries and complete the closing process. (For accounts that have zero ending balance, the entry journal entries presented.) 3/1 3/1 3/21 Cash 15,900 3/1 6,600 3/2 1,700 3/3 3/18 3/20 3/31 3/31 8,090 Accounts Receivable 3,920 3/21 4,450 210 6,880 Supplies 2,120 3/31 8,500 1,500 2,400 530 1,860 370 950 3/31 Bal. 1,700 3/14 3/28 3/31 3/31 Bal. 3/31 Bal. 1,820 300 3/2 3/31 Bal. 500 Prepaid Rent 1,500 3/31 1,000 Prepaid Insurance 2,400 3/31 2,000 3/3 3/31 Bal. 400
