Laura Eddy opened Eddy's Carpet Cleaners on March 1. During - 11260

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yousafbhutta

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  • Posted on: Wed 20 Jun, 2012
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P4-5A
 
Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed.
Mar.    1    Invested $10,000 cash in the business.
     1    Purchased used truck for $6,000, paying $3,000 cash and the balance on account.
     3    Purchased cleaning supplies for $1,200 on account.
     5    Paid $1,200 cash on one-year insurance policy effective March 1.
     14    Billed customers $4,800 for cleaning services.
     18    Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
     20    Paid $1,800 cash for employee salaries.
     21    Collected $1,400 cash from customers billed on March 14.
     28    Billed customers $2,500 for cleaning services.
     31    Paid gas and oil for month on truck $200.
     31    Withdrew $700 cash for personal use.
The chart of accounts for Eddy's Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 301 L. Eddy, Capital, No. 306, L. Eddy, Drawing, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense
Journalize the March transactions. Use page J1 for the journal. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. If amounts are the same, list alphabetically.)
Prepare a trial balance at March 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet. (If answer is zero, please enter 0. Do not leave any fields blank.)
Prepare the income statement and owner's equity statement for March and a classified balance sheet at March 31. (List amounts from largest to smallest e.g. 10, 5, 3, 2. List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2. If answer is zero, please enter 0. Do not leave any fields blank.)

Journalize adjusting entries. Use page J2 for the journal.
Journalize the closing entries. Use page J3 for the journal. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
Post the March transactions and adjusting entries using the three-column form of account.  Post the closing entries and complete the closing process.  (If answer is zero, please enter 0. Do not leave any fields blank.)
Post the March transactions and adjusting entries using the three-column form of account.  Post the closing entries and complete the closing process.  (If answer is zero, please enter 0. Do not leave any fields blank.)


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