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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Journalize the following adjustments. (Creditaccount titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select"No Entry" for the account titles and enter 0 for theamounts.)
| 1. | | Services performed but unbilled and uncollected at March 31 was$220. | |
| 2. | | Depreciation on equipment for the month was $270. | |
| 3. | | One-sixth of the insurance expired. | |
| 4. | | An inventory count shows $300 of cleaning supplies on hand atMarch 31. | |
| 5. | | Accrued but unpaid employee salaries were $1,170. | |
| 6. | | One month of the prepaid rent has expired. | |
| 7. | | One month of interest expenserelated to the note payable has accrued and will be paid April1. |
