Lars Linken opened Cheyenne Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 1

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Lars Linken Opened Cheyenne Cleaners On March 1 2022 During March The Following Transactions Were Completed Mar 1 1 1 (127.71 KiB) Viewed 12 times

Lars Linken opened Cheyenne Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 1 1 2 3 6 14 18 20 21 28 31 31 Owner invested $12,300 cash in the company. Borrowed $4,800 cash by signing a 6-month, 6%, $4,800 note payable. Interest will be paid the first day of each subsequent month. Purchased used truck for $6,600 cash. Paid $1,200 cash to cover rent from March 1 through May 31. Paid $2,100 cash on a 6-month insurance policy effective March 1. Purchased cleaning supplies for $1,640 on account. Billed customers $3,030 for cleaning services performed. Paid $410 on amount owed on cleaning supplies. Paid $1,440 cash for employee salaries. Collected $1,310 cash from customers billed on March 14. Billed customers $3,440 for cleaning services performed. Paid $290 for gas and oil used in truck during month (use Maintenance and Repairs Expense). Owner withdrew $740 cash from the company.

Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Date Account Titles and Explanation Mar. 31 Mar. 31 (To close revenue account) Debit Credit ]]

Mar. 31 Mar. 31 (To close expense accounts) (To close net income to capital) (To close drawings to capital)

Post closing entries and complete the closing process. (For accounts that have zero ending balance, the entry should be the balance date and zero for the amount. Post entries in the order of journal entries presented.) 3/1 3/1 3/21 3/31 Bal. Cash 12,300 3/1 4,800 3/2 1,310 3/3 5,630 3/18 3/20 3/31 3/31 6,600 1,200 2,100 410 1,440 290 740

3/14 3/28 3/31 3/31 Bal. 3/6 3/31 Bal. 3/2 3/31 Bal. Accounts Receivable 3,030 3/21 3,440 160 5,320 Supplies 1,640 3/31 230 Prepaid Rent 1,200 3/31 800 1,410 1,310 400

3/3 3/31 Bal. 3/1 3/31 Bal. Prepaid Insurance 2,100 3/31 1,750 Equipment 6,600 6,600 Accumulated Depreciation-Equipment 3/31 3/31 Bal. Notes Payable 3/1 3/31 Bal. 350 210 210 4,800 4,800

3/18 Accounts Payable 410 3/6 3/31 Bal. Salaries and Wages Payable 3/31 3/31 Bal. Interest Payable 3/31 3/31 Bal. 1,640 1,230 890 890 24 24

3/31 Owner's Capital 3/31 Owner's Drawings 740 Income Summary 12,300

3/31 Service Revenue 290 3/14 3/28 3/31 3,030 3,440 160

3/31 3/31 3/31 Supplies Expense 1,410 Depreciation Expense 210 Insurance Expense 350

3/20 3/31 3/31 3/31 Salaries and Wages Expense 1,440 890 Rent Expense 400 Interest Expense 24