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    epGray Posts: 1, Reputation: 1
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    #1

    Aug 5, 2012, 08:24 PM
    Answers to accounting problems
    Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed.



    Mar.

    1

    Invested $10,026 cash in the business.





    1

    Purchased used truck for $6,470, paying $3,235 cash and the balance on account.





    3

    Purchased cleaning supplies for $1,017 on account.





    5

    Paid $1,704 cash on one-year insurance policy effective March 1.





    14

    Billed customers $4,991 for cleaning services.





    18

    Paid $1,353 cash on amount owed on truck and $495 on amount owed on cleaning supplies.





    20

    Paid $1,920 cash for employee salaries.





    21

    Collected $1,404 cash from customers billed on March 14.





    28

    Billed customers $2,694 for cleaning services.





    31

    Paid gas and oil for month on truck $203.





    31

    Withdrew $621 cash for personal use.


    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. 301 L. Eddy, Capital, No. 306, L. Eddy, Drawing, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Aug 5, 2012, 09:26 PM
    OK you have an accounting assignment what do you want to know?

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