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Accounting Cycle Review 4-2 (Part Level Submission) Lars Linken opened Sheffield Cleaners on March 1, 2017....

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Accounting

Accounting Cycle Review 4-2 (Part Level Submission)

Lars Linken opened Sheffield Cleaners on March 1, 2017. DuringMarch, the following transactions were completed.

Mar. 1Issued 10,800 shares of common stock for $16,200 cash.
1Borrowed $6,600 cash by signing a 6-month, 6%, $6,600 notepayable. Interest will be paid the first day of each subsequentmonth.
1Purchased used truck for $8,600 cash.
2Paid $1,500 cash to cover rent from March 1 through May31.
3Paid $2,700 cash on a 6-month insurance policy effective March1.
6Purchased cleaning supplies for $2,160 on account.
14Billed customers $4,000 for cleaning services performed.
18Paid $540 on amount owed on cleaning supplies.
20Paid $1,890 cash for employee salaries.
21Collected $1,730 cash from customers billed on March 14.
28Billed customers $4,540 for cleaning services performed.
31Paid $380 for gas and oil used in truck during month (useMaintenance and Repairs Expense).
31Declared and paid a $970 cash dividend.

(a) Journalize the March transactions. (b) Post to the ledgeraccounts. (Use T-accounts.) (c) Prepare a trial balance at March31.

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