During its first month of operations in March 2014, Volz Cleaning, Inc., completed six transactions with the

Question:

During its first month of operations in March 2014, Volz Cleaning, Inc., completed six transactions with the dollar effects indicated in the following schedule:

Required:
1. Write a brief explanation of transactions (1) through (6). Explain any assumptions that you made.
2. Compute the ending balance in each account and prepare a classified balance sheet for Volz Cleaning, Inc., at the end of March2014.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...