Charles brown opened charlies house cleaners on march 1

Assignment Help Financial Accounting

Reference no: EM13377928

Charles Brown opened Charlie's House Cleaners on March 1. During March, the following transactions were completed.

Mar.	1	Invested $10,209 cash in the business.
	1	Purchased used truck for $6,180, paying $3,090 cash and the balance on account.
	3	Purchased cleaning supplies for $1,130 on account.
	5	Paid $1,536 cash on one-year insurance policy effective March 1.
	14	Billed customers $4,913 for cleaning services.
	18	Paid $1,322 cash on amount owed on truck and $597 on amount owed on cleaning supplies.
	20	Paid $1,636 cash for employee salaries.
	21	Collected $1,491 cash from customers billed on March 14.
	28	Billed customers $2,700 for cleaning services.
	31	Paid gas and oil for month on truck $189.
	31	Withdrew $681 cash for personal use.

The chart of accounts for Charlie's House 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 C. Brown, Capital, No. 306, C. Brown, 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

Part A. Instructions: Journalize the March transactions. Use page labeled J1 for the journal.

Part B. Instructions: Prepare a trial balance at March 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet.

Earned but unbilled revenue at March 31 was $865.
Depreciation on equipment for the month was $241.
One-twelfth of the insurance expired.
An inventory count shows $352 of cleaning supplies on hand at March 31.
Accrued but unpaid employee salaries were $553.

Part C. Instructions: Journalize adjusting entries. Use page labeled J2 for the journal.

Part D. Instructions: Prepare the income statement and owner's equity statement for March and a classified balance sheet at March 31

Part E. Instructions: Journalize the closing entries. Use page J3 for the journal

Part F. Instructions: Prepare a post-closing trial balance at March 31.

Reference no: EM13377928

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