P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, the followingtransactions were completed.Issued 10,000 shares of common stock for $15,000 cash.Purchased used truck for $8,000, paying $3,000 cash and the balance onMar. 11account.3Purchased cleaning supplies for $2,000 on account.Paid $2,400 cash on a 6-month insurance policy effective March 1.Billed customers $3,700 for cleaning services.1814Paid $1,500 cash on amount owed on truck and $500 on amount owed oncleaning supplies.20Paid $1,750 cash for employee salaries.Collected $1,600 cash from customers billed on March 14.2821Billed customers $4,200 for cleaning services.31Paid $350 for gas and oil used in truck during month (use Maintenance andRepairs Expense).31Declared and paid a $900 cash dividend.The chart of accounts for Geog Cleaners contains the following accounts: Cash, AccountsReceivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equip-ment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings,Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Sup-plies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense.Instructions1. Services performed but unbilled at March 31 was $200.2. Depreciation on equipment for the month was $250.3. One-sixth of the insurance expired.4. An inventory count shows $280 of cleaning supplies on hand at March 31.5. Accrued but unpaid employee salaries were $1,080.(e) Post adjusting entries to the T-accounts.(f) Prepare an adjusted trial balance.(g) Prepare the income statement and a retained earnings statement for March and aclassified balance sheet at March 31.(h) Journalize and post closing entries and complete the closing process.(i) Prepare a post-closing trial balance at March 31.S PhotoGrid

Name: P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, t
Uploaded: 2024-03-04T10:43:15.000Z
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Description: P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, the followingtransactions were completed.Issued 10,000 shares of common stock for $15,000 cash.Purchased used truck for $8,000, paying $3,000 cash and the balance onMar. 11account.3