Answer to Question #223744 in Accounting for Zeki

Question

Mar. 1 Shareholders invested $14,000 cash
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.
(e) Journalize and post adjusting entries. Use page J2 for the journal.
(f) Journalize and post-closing entries and complete the closing process. Use page J3 for
the journal.
(g) Prepare a post-closing trial balance at March 31

Answer 1

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