P4-5a - Laura Eddy opened Eddy's Carpet Cleaners on March...

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Unformatted text preview: Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 Issued stock for $10,000 in cash. 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,200 on account. 5 Paid $1,200 cash on one-year insurance policy effective March 1. 14 Billed customers $4,800 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $1,800 cash for employee salaries. 21 Collected $1,400 cash from customers billed on March 14. 28 Billed customers $2,500 for cleaning services. 31 Paid gas and oil for month on truck $200. 31 Declared and paid a $700 cash dividend. The chart of accounts for Eddy's Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, Salaries Payable, No....
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This note was uploaded on 07/31/2011 for the course ACCT 557 taught by Professor Kahn during the Spring '10 term at Strayer.

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P4-5a - Laura Eddy opened Eddy's Carpet Cleaners on March...

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