P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, the following transactions were completed. Issued 10,000 shares of common stock for $15,000 cash. Purchased used truck for $8,000, paying $3,000 cash and the balance on Mar. 1 1 account. Purchased cleaning supplies for $2,000 on account. 5 Paid $2,400 cash on a 6-month insurance policy effective March 1. 14 Billed customers $3,700 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $1,750 cash for employee salaries. 21 3 Collected $1,600 cash from customers billed on March 14. 28 Billed customers $4,200 for cleaning services. 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 Geog Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equip- ment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Sup- plies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense.

P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, the following transactions were completed. Issued 10,000 shares of common stock for $15,000 cash. Purchased used truck for $8,000, paying $3,000 cash and the balance on Mar. 1 1 account. Purchased cleaning supplies for $2,000 on account. 5 Paid $2,400 cash on a 6-month insurance policy effective March 1. 14 Billed customers $3,700 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $1,750 cash for employee salaries. 21 3 Collected $1,600 cash from customers billed on March 14. 28 Billed customers $4,200 for cleaning services. 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 Geog Cleaners contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equip- ment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Sup- plies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense.

Name: P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, t
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Description: P4-8B Geog Lav opened Geog Cleaners on March 1, 2014. During March, the followingtransactions were completed.Issued 10,000 shares of common stock for $15,000 cash.Purchased used truck for $8,000, paying $3,000 cash and the balance onMar. 11account.3

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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