was$/$ui$/$v$2/$assessment$-$player$/$index$.$html$?$launchld$=$ce$8$aba$5$a$-$ea$49-4$d$6$c$-$b$411-9559870$de$933$#$/$question$/0$

Question $1$ of $1$

$29\mathrm{.}09/40$

Lars Linken opened Sheffield Cleaners on March $1,2022.$ During March, the following transactions were completed.

Mar.

$1$ Issued $10,600$ shares of common stock for $$15,900$ cash.

$1$

Borrowed $$6,600$ cash by signing a $6-$month, $6\%,$$$6,600$ note payable. Interest will be paid the first day of each subsequent month.

$1$ Purchased used truck for $$8,500$ cash.

$2$ Paid $$1,500$ cash to cover rent from March $1$ through May $31.$

$3$ Paid $$2,400$ cash on a $6-$month insurance policy effective March $1.$

$6$ Purchased cleaning supplies for $$2,120$ on account.

$14$ Billed customers $$3,920$ for cleaning services performed.

$18$ Paid $$530$ on amount owed on cleaning supplies.

$20$ Paid $$1,860$ cash for employee salaries.

$21$ Collected $$1,700$ cash from customers billed on March $14.$

$28$ Billed customers $$4,450$ for cleaning services performed.

$31$ Paid $$370$ for gas and oil used in truck during month $($use Maintenance and Repairs Expense$).$

$31$ Declared and paid a $$950$ cash dividend.

The chart of accounts for Sheffield Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated Depreciation$-$Equipment, Accounts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense.

$($a$)$

Search

Question $1$ of $1$

$29\mathrm{.}09/40$

$($d$)$

Your answer is correct.

Journalize the following adjustments. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Services performed but unbilled and uncollected at March $31$ was $$210.$

Depreciation on equipment for the month was $$270.$

One$-$sixth of the insurance expired.

An inventory count shows $$300$ of cleaning supplies on hand at March $31.$

Accrued but unpaid employee salaries were $$1,140.$

One month of the prepaid rent has expired.

One month of interest expense related to the note payable has accrued and will be paid April $1.$

Sr$.$ Date

Account Titles and Explanation

Debit

Credit

$$

$$

Accounts Receivable

$$

Service Revenue

$$

Depreciation Expense $$

$270$

Accumulated Depreciation$-$Equipment

Search

SHEFFIELD CLEANERS

Balance Sheet

March $31,2022$

Assets

$$

$$

$

$$

$$

$$

$$

$$

$

$$

$$

$$

$$

$$

$$

$$

$

$$

Liabilities and Stockholders' Equity

$$

$29\mathrm{.}09/40$

$$

$

Liabilities and Stockholders' Equity

$$

$

$$

$$

$$

$$

$$

$$

$$

$$

$

$$

$$

$$

$$

$

$$

$$