Question

GP Pro Inc. opened ProCleaners on March 1.2022. During March the following transactions were completed Mar 1 Issued 10,000 shares of common stock for $15,000 cash 1 Borrowed $6.000 cash by signing a 6-month. 6% 56,000 note payable Interest will be paid the first day of each subsequent month 1 Purchased used truck for $8,000 cash 2 Paid $1,500 cash to cover rent from March 1 through May 31 3 Pald $2,400 cash on a 6-month insurance policy effective March 1 6 Purchased cleaning supplies for $2,000 on account 14 Billed customers $3,700 for cleaning services performed 18 Paid $500 on amount owed on cleaning supplies 20 Paid $1,750 cash for employee salaries 21 Collected $1,600 cash from customers billed on March 14 28 Billed customers $4,200 for cleaning services performed 31 Paid $350 for gas and oil used in truck during month (use Maintenance and Repairs Expense) 31 Declared and paid a $900 cash dividend The chart of accounts for ProCleaners contains the following accounts 11 Cash 32 Retained Earnings 12 Accounts Receivable 33 Dividends 13 Supplies 34 Income Summary 14 Prepaid Insurance 41 Service Revenue 15 Prepaid Rent 51 Maintenance and Repairs Expense 16 Equipment 52 Supplies Expense 17 Accumulated Depreciation Equipment 53 Depreciation Expense 21 Accounts Payable 54 Insurance Expense 22 Salaries and Wages Payable 55 Salaries and Wages Expense 23 Notes Payable 56 Rent Expense 24 Interest Payable 57 Interest Expense 31 Common Stock Instructions Journalize the March transactions (page 1) Post to the ledger accounts Prepare an unadjusted trial balance at March 31 Journalize the following adjustments (Page 2) A Services performed but unbilled and uncollected at March 31 was $200 B Depreciation on equipment for the month was $250 C One-sixth of the insurance expired D An inventory count shows $280 of cleaning supplies on hand at March 31 E Accrued but unpaid employee salaries were $1,080 F One month of the prepaid rent has expired G One month of interest expense related to the note payable has accrued and will be paid April 1 Post adjusting entries to the ledger accounts Prepare an adjusted trial balance Prepare a 10 column Worksheet Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31 Journalize (page 3) and post closing entries and complete the closing process Prepare a post-closing trial balance at March 31 55

Answer 1

1.

1
March		Debit	Credit
1	Cash	15,000
	To Common Stock		15,000
1	Cash	6000
	To Notes Payable		6,000
1	Equipment (Truck)	8000
	To Cash		8,000
2	Prepaid Rent	1500
	To Cash		1,500
3	Prepaid Insurance	2400
	To Cash		2400
6	Supplies	2000
	To Accounts Payable		2000
14	Accounts Receivable	3700
	To Service Revenue		3700
18	Accounts Payable	500
	To Cash		500
20	Salaries and Wages Expense	1750
	To Cash		1750
21	Cash	1600
	To Accounts Receivable		1600
28	Accounts Receivable	4200
	To Service Revenue		4200
31	Maintenance and Repairs Expense	350
	To Cash		350
31	Dividends	900
	To Cash		900

2
Cash Account
Particular	Amount	Particular	Amount
To Common Stock	15,000	By Equipment (Truck)	8,000
To Notes Payable	6000	By Prepaid rent	1,500
To Accounts Receivable	1600	By Prepaid Insurance	2400
		By Accounts Payable	500
		By Salaries and Wages Expense	1750
		By Maintenance and Repairs Expense	350
		By Dividend	900
		By Balance b/d	7,200
	22,600		22,600
Accounts Receivable
Particular	Amount	Particular	Amount
To Service Revenue	3700	By Cash	1600
To Service Revenue	4200
		By Balance b/d	6300
	7900		7900
Supplies
Particular	Amount	Particular	Amount
To Accounts Payable	2000
		By Balance b/d	2000
	2000		2000
Accounts Payable
Particular	Amount	Particular	Amount
To Cash	500	By Supplies	2000
To Balance b/d	1500
	2000		2000
Notes Payable
Particular	Amount	Particular	Amount
		By Cash	6,000
To Balance b/d	6000
	6000		6000
Common Stock
Particular	Amount	Particular	Amount
		By Cash	15,000
To Balance b/d	15,000
	15000		15000
Service Revenue
Particular	Amount	Particular	Amount
		By Accounts Receivable	3700
		By Accounts Receivable	4200
To Balance b/d	7900
	7900		7900
Salaries and Wages Expense
Particular	Amount	Particular	Amount
To Cash	1750
		By Balance b/d	1750
	1750		1750
Maintenance and Repairs Expense
Particular	Amount	Particular	Amount
To Cash	350
		By Balance b/d	350
	350		350
Equipment (Truck)
Particular	Amount	Particular	Amount
To Cash	8,000
		By Balance b/d	8000
	8000		8000
Prepaid insurance
Particular	Amount	Particular	Amount
To Cash	2,400
		By Balance b/d	2400
	2400		2400
Prepaid Rent
Particular	Amount	Particular	Amount
To Service Revenue	1,500
		By Balance b/d	1500
	1500		1500
Dividend
Particular	Amount	Particular	Amount
To Cash	900
		By Balance b/d	900
	900		900

3
	Unadjusted Trial Balance
		Debit	Credit
	Cash Account	7200
	Accounts Receivable	6300
	Supplies	2000
	Equipment (Truck)	8000
	Prepaid insurance	2400
	Prepaid Rent	1500
	Accounts Payable		1500
	Notes Payable		6000
	Common Stock		15000
	Dividend	900
	Service Revenue		7900
	Salaries and Wages Expense	1750
	Maintenance and Repairs Expense	350
		30400	30400

4
		Debit	Credit
a	Accounts Receivable	200
	To Service Revenue		200
b	Depreciation Expense	250
	To Accumulated depreciation-Equipment		250
c	Insurance Expense (2400/6)	400
	To Prepaid Insurance		400
d	Supplies Expense	1720
	To Supplies		1720
	(2000-280)
e	Salaries and Wages Expense	1080
	To Salaries and Wages payable		1080
f	Rent Expense (1500/3)	500
	To Prepaid rent		500
g	Interest Expense	30
	To Interest Payable		30
	(6000*6%)/12

5.

Amount Particular To Service Revenue Amount 500 1600 Particular To Service Revenue To Service Revenue To Service Revenue Accounts Receivable Amount Particular 3700 By Cash 42001 2001 By Balance b/d 8100 Prepaid Rent Amount Particular 1,500 Rent Expense (1500/3) By Balance b/d 1500 1,000 1500 Amount Depreciation Expense Particular Amount Particular To Accumulated depreciation 2501 By Balance b/d 250 Particular To Accounts Payable Supplies Amount Particular 2000 Supplies Expense By Balance b/d Amount 1720 280 2000 2501 250 2000 Particular Accumulated depreciation Equipment Amount Particular Depreciation Expense Particular Amount 250 Service Revenue Amount Particular By Accounts Receivable By Accounts Receivable 8100 By Accounts Receivable 8100 Amount 3700 4200 200 8100 By Balance b/d 250 To Balance b/d 250 250 Amount Amount Particular To Prepaid Insurance Salaries and Wages Expense Particular Amount Particular To Cash 1750 To Salaries and Wages payal 1080 By Balance b/d 2830 Insurance Expense Amount Particular I 400|| By Balance b/d 4000 2830 2830 4001 4001 Particular To Cash Prepaid insurance Amount Particular 2,400 Insurance Expense By Balance b/d 2400 Amount 400 2,000 2400

6.

Amount Particular To Supplies Supplies Expense Amount Particular 1,720 By Balance b/d 1720 1720 1720 Particular Salaries and Wages payable Amount Particular Salaries and Wages Expense 1080 1080 Amount 1080) By Balance b/d 1080 Rent Expense Amount Particular Amount Particular To Prepaid rent 500 By Balance b/d 500 Amount Particular To Interest Payable Interest Expense Amount Particular 301 By Balance b/d 30 30 Particular Interest Payable Amount Particular Interest Expense Amount By Balance b/d 30

1500 6000 30 15000 Adjusted Trial Balance Debit Credit Cash Account 7200 Accounts Receivable 6500 Supplies 280 Equipment (Truck) 8000 Prepaid insurance 2000 Prepaid Rent 1000 Accounts Payable Notes Payable Interest Payable Common Stock Dividend 900 Service Revenue Salaries and Wages Expense 2830 Rent Expense Maintenance and Repairs Expense Salaries payable Accumulated depreciation Insurance Expense (2400/6) Supplies Expense 17201 Depreciation Expense 250 Interest Expense 301 31960 8100 500 350 1080 250 400 31960

Sorry in Advance

Since it contains too much sub parts, so it is not possible to answer full within limited allowed time.

Please re-post balance part as new question with adjusted trail balance (that I provided in 6th part)

(due to excess characters last two are uploaded as image)

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