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P4-8B Julie Molony opened Valet Cleaners on March 1, 2007. During March, the following transactions were completed. 1 Issued 10,000 shares of common...
P4-8B Julie Molony opened Valet Cleaners on March 1, 2007. During March, the followingtransactions were completed.Mar. 1 Issued 10,000 shares of common stock for $15,000 cash.1 Purchased used truck for $8,000, paying $5,000 cash and the balance onaccount.3 Purchased cleaning supplies for $1,200 on account.5 Paid $1,800 cash on 1-year insurance policy effective March 1.14 Billed customers $3,200 for cleaning services.18 Paid $1,500 cash on amount owed on truck and $500 on amount owed oncleaning supplies.20 Paid $1,750 cash for employee salaries.21 Collected $1,600 cash from customers billed on March 14.28 Billed customers $4,200 for cleaning services.31 Paid $350 for gas and oil used in truck during month.31 Declared and paid a $900 cash dividend.The chart of accounts for Valet Cleaners contains the following accounts: Cash, AccountsReceivable, Cleaning Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation—Equipment, Accounts Payable, Salaries Payable, Common Stock, Retained Earnings,Dividends, Income Summary, Service Revenue, Gas & Oil Expense, Cleaning SuppliesExpense, Depreciation Expense, Insurance Expense, Salaries Expense.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 $600.2. Depreciation on equipment for the month was $250.3. One-twelfth of the insurance expired.4. An inventory count shows $280 of cleaning supplies on hand at March 31.5. Accrued but unpaid employee salaries were $830.(e) Post adjusting entries to the T accounts.(f) Prepare an adjusted trial balance.(g) Prepare the income statement and a retained earnings statement for March and aclassified balance sheet at March 31.(h) Journalize and post closing entries and complete the closing process.(i) Prepare a post-closing trial balance at March 31."
