Zoe Parker opened Fresh Step Carpet Cleaners, Ltd. on March 1. During March, the following…

Zoe Parker opened Fresh Step Carpet Cleaners, Ltd. on March 1. During March, the following…

Zoe Parker opened Fresh Step Carpet Cleaners, Ltd. on March 1. During March, the following transactions were completed. Mar. 1 Shareholders invested £14,000 cash in the business in exchange for ordinary shares. 1 Purchased used truck for £10,000, paying £3,000 cash and the balance on account. 3 Purchased cleaning supplies for £1,200 on account. 5 Paid £1,800 cash on one-year insurance policy effective March 1. 14 Billed customers £4,500 for cleaning services performed. 18 Paid £1,500 cash on amount owed on truck and £500 on amount owed on cleaning supplies. Mar. 20 Paid £1,800 cash for employee salaries. 21 Collected £1,600 cash from customers billed on March 14. 28 Billed customers £2,500 for cleaning services performed. 31 Paid £320 for the monthly gasoline bill for the truck. 31 Declared and paid £800 cash dividends. The chart of accounts for Fresh Step Carpet Cleaners, Ltd. contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation-Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 311 Share Capital-Ordinary, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gasoline Expense, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense. Instructions (a) Journalize and post the March transactions

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