Please do adjustments Mar 1Stockholders invested 10000 cash

Please do adjustments.

Mar. 1Stockholders invested $10,000 cash in the business in exchange for common stock. 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. (Hint: An Asset NOT an expense since the supplies have NOT yet been \"used-up) 5 Paid $1,200 cash on a 1-year insurance policy effective March 1. (Hint: as above) 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 S4500 for cleaning services. 31 Paid $500 for the monthly gasoline bill for the truck 31 paid a $700 cash dividend.

Solution

Adjusting Entries are made as follows.

Date	Accounts	Debit	Credit
March
1	Cash	$        10,000
	Common stock		$        10,000
1	Equipment (Truck)	$          6,000
	Cash		$          3,000
	Accounts payable		$          3,000
5	Insurance Expense(1200/12)	$              100
	Prepaid Insurance	$          1,100
	Cash		$          1,200
14	Account Receivable (Cleaning Service)	$          4,800
	Service Revenue		$          4,800
18	Accounts payable (Truck)	$          1,500
	Accounts payable (Cleaning Supplies)	$              500
	Cash		$          2,000
20	Salaries and Wages Expneses	$          1,800
	Cash		$          1,800
21	Cash	$          1,400
	Account Receivable (Cleaning Service)		$          1,400
28	Account Receivable (Cleaning Service)	$          4,500
	Service Revenue		$          4,500
31	Gasoline Expenses	$              500
	Cash		$              500
31	Dividend	$              700
	Cash		$              700