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Complete all steps in accounting cycle. Lars Linken opened Lars Cleaners on March 1. 2020. During March, the following transactions were completed. The chart of accounts for Lars Cleaners contains the following accounts: Cash. Accounts Receivable. Supplies. Prepaid Insurance. Prepaid Rent. Equipment. Accumulated Depreciation—Equipment. Accounts Payable. Salaries and Wages Payable. Notes Payable. Interest Payable. Share Capital—Ordinary. Retained Earnings, Dividends, Income Summary. Service Revenue. Maintenance and Repairs Expense. Supplies Expense. Depreciation Expense, Insurance Expense. Salaries and Wages Expense. Rent Expense. and Interest Expense. Instructions a. Journalize the March transactions. b. Post to the ledger accounts. (Use T-accounts.) c. Prepare a trial balance al March 31. d. Journalize the following adjustments. 1. Services performed but unbilled and uncollected at March 31 were €200. 2. Depreciation on equipment for the month was €250. 3. One-sixth of the insurance expired. 4. An inventory count shows €280 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were €1.080. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1. (Hint: Use the formula from Illustration 3.17 to compute interest.) e. Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. g. Prepare the income statement and a retained earnings statement for March and a classilied statement of financial position at March 31. h. Journalize and post-closing entries and complete the closing process. i. Prepare a post-closing trial balance at March 31.
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