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prepare closing entries and consider the closing in column account 654886

Mike Young opened Young’s Carpet Cleaners on March 1. During March, the following transactions were completed.

Mar 1

Invested RM 10,000 cash in the business.

1

Purchased used truck for RM 6,000 paying RM 3,000 cash and the balance on account.

3

Purchased cleaning supplies for RM 1,200 on account.

5

Paid RM 1,800 cash on one year insurance policy effective March 1.

14

Billed customers RM 2,800 for cleaning services.

18

Paid RM 1,500 cash on amount owed on truck and RM 500 on amount owed on cleaning supplies.

20

Paid RM 1,800 cash for employee salaries.

21

Collected RM 1,400 cash from customers billed on March 14.

28

Billed customers RM 2,500 for cleaning services.

31

Paid gas and oil for month on truck RM 200.

31

Withdrew RM 700 cash for personal use.

Instructions

a) Journalize and post March transactions to column account.

b) Enter the following adjustments on the work sheet and complete the work sheet.

1. Earned but unbilled revenue at March 31 was RM 700.

2. Depreciation on equipment for the month was RM 250.

3. One twelfth of the insurance expired.

4. An inventory count shows RM 600 of cleaning supplies on hand at March 31.

5. Accrued but unpaid employee salaries were RM 500.

c) Journalize above adjusting entries.

d) Prepare closing entries and consider the closing in column account.

e) Prepare post closing trial balance at March 31.

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