Reference no: EM133057492

Question - Lars Linken opened Novak Cleaners on March 1, 2022. During March, the following transactions were completed.

Mar. 1 Issued 9,400 shares of common stock for $14,100 cash.

Mar. 1 Borrowed $5,400 cash by signing a 6-month, 6%, $5,400 note payable. Interest will be paid the first day of each subsequent month.

Mar. 1 Purchased used truck for $7,500 cash.

Mar. 2 Paid $1,500 cash to cover rent from March 1 through May 31.

Mar. 3 Paid $2,400 cash on a 6-month insurance policy effective March 1.

Mar. 6 Purchased cleaning supplies for $1,880 on account.

Mar. 14 Billed customers $3,480 for cleaning services performed.

Mar. 18 Paid $470 on amount owed on cleaning supplies.

Mar. 20 Paid $1,650 cash for employee salaries.

Mar. 21 Collected $1,500 cash from customers billed on March 14.

Mar. 28 Billed customers $3,950 for cleaning services performed.

Mar. 31 Paid $330 for gas and oil used in truck during month (use Maintenance and Repairs Expense).

Mar. 31 Declared and paid a $850 cash dividend.

The chart of accounts for Novak Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense.

Required - Prepare an adjusted trial balance.