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Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed.
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
Journalize the March transactions. Use page J1 for the journal.
Prepare a trial balance at March 31 on a worksheet. Enter the following adjustments on the worksheet and complete the worksheet.
Prepare the income statement and retained earnings statement for March and a classified balance sheet at March 31.
Journalize adjusting entries.
Journalize the closing entries.
Post the March transactions and adjusting entries using the three-column form of account. Post the closing entries and complete the closing process.
Prepare a post-closing trial balance at March 31.