Answer to Question #223740 in Accounting for Zeki

Question

Gadaa opened Fresh Step Carpet Cleaners on March 1. During March, the
following transactions were completed.
Mar. 1 Shareholders invested $14,000 cash in the business in exchange for ordinary
shares.
1 Purchased used truck for $8,000, paying $3,000 cash and the balance onaccount.
3 Purchased cleaning supplies for $1,200 on account.
5 Paid $1,800 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.
Mar. 20 Paid $1,800 cash for employee salaries.
21 Collected $1,600 cash from customers billed on March 14.
28 Billed customers $2,500 for cleaning services.
31 Paid $320 for the monthly gasoline bill for the truck.
31 Declared and paid $800 cash dividends.
(d) Prepare the income statement and a retained earnings statement for March and a
classified statement of financial position at March 31.

Answer 1

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