Question

_{Prepare a trial balance for March 31st.}

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

Mar. 1		Issued 11,000 shares of common stock for $16,500 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 $8,800 cash.
2		Paid $1,800 cash to cover rent from March 1 through May 31.
3		Paid $2,700 cash on a 6-month insurance policy effective March 1.
6		Purchased cleaning supplies for $2,200 on account.
14		Billed customers $4,070 for cleaning services performed.
18		Paid $550 on amount owed on cleaning supplies.
20		Paid $1,930 cash for employee salaries.
21		Collected $1,760 cash from customers billed on March 14.
28		Billed customers $4,620 for cleaning services performed.
31		Paid $390 for gas and oil used in truck during month (use Maintenance and Repairs Expense).
31		Declared and paid a $990 cash dividend.

Answer 1

TRIAL BALANCE For the month ended March 31
Particulars	Debit $	Credit $
Cash	7,700
Accounts receivable	6,930
Supplies	2,200
Prepaid insurance	2,700
Prepaid rent	1,800
Truck	8,800
Accounts payable		1,650
Notes payable		6,600
Common stock		16,500
Service revenue		8,690
Salaries expense	1,930
Dividends	990
Maintenance and repairs expense	390
TOTAL	33,440	33,440

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Answer 2

Income Statement