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Salma Ali opened Fresh Step Carpet Cleaners on March 1. During March, the following transactions were completed Mar 1. Shareholders invested O.R14,000 cash in the business in exchange for ordinary shares. 2. Purchased used truck for O.R10,000, paying O.R3,000 cash and the reminder on account 3. Purchased cleaning supplies for O.R1,200 on account. 5. Paid O.R1, 800 cash on one-year insurance policy effective March 1 14. Billed customers O.R4, 500 for cleaning services performed. 18. Paid O.R1,500 cash on amount owed on truck and O.R500 on amount owedon Cleaning supplies. 20. Paid O.R1,800 cash for employee salaries. 21. Collected O R1,600 cash from customers billed on March 14 28. Billed customers O.R2,500 for cleaning services. 30. Paid O R320 for the monthl the truck y gasoline used for 31. Declared and paid O.R800 cash dividends. Instructions: (a) Journalize and post the March transactions. (b) Prepare a trial balance at March 31 (c) Journalize and post adjusting entries. 1. Unbilled revenue for services performed at March 31 was O.R1000. 2. Depreciation on equipment for the month was O.R300 3. One-twelfth of the insurance expired. 4. An inventory count shows O.R250 of cleaning supplies on hand at March 31 5. Accrued but unpaid employee salaries were O.R690 (d) Prepare the income statement and a retained earnings statement for March and a classified statement of financial position at March 31 (f) Journalize and post- closing entries and complete the closing process. (g) Prepare a post- closing trial balance at March 31. Accounting I Assignment

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