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Submitted by Asma on Sun, 2012-07-22 12:50
due on Thu, 2012-07-26 12:48
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Accounting 557 -Week 3 Homework

Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed.

Mar. 1 Issued stock for $10,000 in cash.
  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 one-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 gas and oil for month on truck $200.
  31 Declared and paid a $700 cash dividend.

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. 311 Common Stock, No. 320 Retained Earnings, No. 332 Dividends, 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

 

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Submitted by Asma on Sun, 2012-07-22 12:58
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