illian Shaw opened Shaw’s Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 Invested $10,000 cash in the business. 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,200 on account. 5 Paid $1,200 cash on a 1-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. 20 Paid $1,800 cash for employee salaries. 21 Collected $1,400 cash from customers billed on March 14. 28 Billed customers $2,500 for cleaning services. 31 Paid $200 for the monthly gasoline bill for the truck. 31 Withdrew $700 cash for personal use. The chart of accounts for Shaw’s Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 301 Owner’s Capital, No. 306 Owner’s Drawings, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense.   Instructions (a) Journalize and post the March transactions. Use page J1 for the journal and the three-column form of account. (b) Prepare a trial balance at March 31 on a worksheet. (c) Enter the following adjustments on the worksheet and complete the worksheet. (1) Unbilled revenue for services performed at March 31 was $500. (2) Depreciation on equipment for the month was $300. (3) One-twelfth of the insurance expired. (4) An inventory count shows $250 of cleaning supplies on hand at March 31. (5) Accrued but unpaid employee salaries were $550.

Gillian Shaw opened Shaw’s Carpet Cleaners on March 1. During March, the following transactions were completed.

Mar. 1 Invested $10,000 cash in the business.

1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account.

3 Purchased cleaning supplies for $1,200 on account.

5 Paid $1,200 cash on a 1-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.

20 Paid $1,800 cash for employee salaries.

21 Collected $1,400 cash from customers billed on March 14.

28 Billed customers $2,500 for cleaning services.

31 Paid $200 for the monthly gasoline bill for the truck.

31 Withdrew $700 cash for personal use.

The chart of accounts for Shaw’s Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 301 Owner’s Capital, No. 306 Owner’s Drawings, No. 350 Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense.

Instructions

(a) Journalize and post the March transactions. Use page J1 for the journal and the three-column form of account.

(b) Prepare a trial balance at March 31 on a worksheet.

(c) Enter the following adjustments on the worksheet and complete the worksheet.

(1) Unbilled revenue for services performed at March 31 was $500.

(2) Depreciation on equipment for the month was $300.

(3) One-twelfth of the insurance expired.

(4) An inventory count shows $250 of cleaning supplies on hand at March 31.

(5) Accrued but unpaid employee salaries were $550.

(d) Prepare the income statement and owner’s equity statement for March and a classified balance sheet

 at March 31.

(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.