Laura Eddy opened Eddy\'s Carpet Cleaners on March 1. During March, the followin

Question

Laura Eddy opened Eddy's Carpet Cleaners on March 1. During March, the following transactions were completed
Mar. 1 Invested $10,219 cash in the business.
1 Purchased used truck for $6,440, paying $3,220 cash and the balance on account.
3 Purchased cleaning supplies for $1,065 on account.
5 Paid $1,776 cash on one-year insurance policy effective March 1.
14 Billed customers $4,973 for cleaning services.
18 Paid $1,321 cash on amount owed on truck and $474 on amount owed on cleaning supplies.
20 Paid $1,675 cash for employee salaries.
21 Collected $1,471 cash from customers billed on March 14.
28 Billed customers $2,480 for cleaning services.
31 Paid gas and oil for month on truck $219.
31 Withdrew $679 cash for personal use.

Explanation / Answer

Awe - Assets, withdrawals, and expenses = debit CLR - Capital, liabilities, revenue = credit Also make sure your debits and credits match for each statement....

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