Lars Linken opened Bramble Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 7,800 shares of common stock for $11,700 cash.
1 Borrowed $4,800 cash by signing a 6-month, 6%, $4,800 note payable. Interest will be paid the first day of each subsequent month.
1 Purchased used truck for $6,200 cash.
2 Paid $1,200 cash to cover rent from March 1 through May 31.
3 Paid $1,800 cash on a 6-month insurance policy effective
March 1. 6 Purchased cleaning supplies for $1,560 on account.
14 Billed customers $2,890 for cleaning services performed.
18 Paid $390 on amount owed on cleaning supplies.
20 Paid $1,370 cash for employee salaries.
21 Collected $1,250 cash from customers billed on March 14.
28 Billed customers $3,280 for cleaning services performed. 31 Paid $270 for gas and oil used in truck during month (use Maintenance and Repairs Expense).
31 Declared and paid a $700 cash dividend.
Journalize and post closing entries and complete the closing process.