Accounting Cycle Review 4-2 (Part Level Submission)
Lars Linken opened Sheffield Cleaners on March 1, 2017. DuringMarch, the following transactions were completed.
| Mar. 1 | | Issued 10,800 shares of common stock for $16,200 cash. | |
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| 1 | | Borrowed $6,600 cash by signing a 6-month, 6%, $6,600 notepayable. Interest will be paid the first day of each subsequentmonth. | |
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| 1 | | Purchased used truck for $8,600 cash. | |
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| 2 | | Paid $1,500 cash to cover rent from March 1 through May31. | |
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| 3 | | Paid $2,700 cash on a 6-month insurance policy effective March1. | |
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| 6 | | Purchased cleaning supplies for $2,160 on account. | |
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| 14 | | Billed customers $4,000 for cleaning services performed. | |
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| 18 | | Paid $540 on amount owed on cleaning supplies. | |
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| 20 | | Paid $1,890 cash for employee salaries. | |
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| 21 | | Collected $1,730 cash from customers billed on March 14. | |
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| 28 | | Billed customers $4,540 for cleaning services performed. | |
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| 31 | | Paid $380 for gas and oil used in truck during month (useMaintenance and Repairs Expense). | |
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| 31 | | Declared and paid a $970 cash dividend. |
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(a) Journalize the March transactions. (b) Post to the ledgeraccounts. (Use T-accounts.) (c) Prepare a trial balance at March31.
