P4-5B Gillian Shaw opened Shaw's Carpet Cleaners on March 1. During March, the fol- lowing transactions were completed. Ma. 1 Invested $10,000 cash in the business. 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 a 1-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 $200 for the monthly gasoline bill for the truck. 31 Withdrew $700 cash for personal use.

P4-5B Gillian Shaw opened Shaw's Carpet Cleaners on March 1. During March, the fol- lowing transactions were completed. Ma. 1 Invested $10,000 cash in the business. 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 a 1-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 $200 for the monthly gasoline bill for the truck. 31 Withdrew $700 cash for personal use.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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