- Requirements 1 Record Each Transaction In The Journal Using The Following Chart Of Accounts Explanations Are Not Requi 1 (147.87 KiB) Viewed 9 times
- Requirements 1 Record Each Transaction In The Journal Using The Following Chart Of Accounts Explanations Are Not Requi 2 (220.48 KiB) Viewed 9 times
- Requirements 1 Record Each Transaction In The Journal Using The Following Chart Of Accounts Explanations Are Not Requi 3 (300.72 KiB) Viewed 9 times
- Requirements 1 Record Each Transaction In The Journal Using The Following Chart Of Accounts Explanations Are Not Requi 4 (151.48 KiB) Viewed 9 times
- Requirements 1 Record Each Transaction In The Journal Using The Following Chart Of Accounts Explanations Are Not Requi 5 (316.58 KiB) Viewed 9 times
- Requirements 1 Record Each Transaction In The Journal Using The Following Chart Of Accounts Explanations Are Not Requi 6 (222.66 KiB) Viewed 9 times
Uffice Supplies Prepaid Insurance Truck Accumulated Depreciation-Truck Accounts Payable Salaries Payable Unearned Revenue Common Stock Income Summary Service Revenue Salaries Expense Depreciation Expense Truck Insurance Expense Fuel Expense Rent Expense Supplies Expense
4. Prepare a worksheet as of December 31, 2024. 5. Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts. Adjustment data: a. Accrued Salaries Expense, $700. b. Depreciation was recorded on the truck using the straight-line method Assume a useful life of 5 years and a salvage value of $6,800. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $350. e. Unearned Revenue earned during the month, $1,100. f. Accrued Service Revenue, $1,050. 6. Prepare an adjusted trial balance as of December 31, 2024.
6. Prepare an adjusted trial balance as of December 31, 2024. 7. Prepare Marshfield Delivery Service's income statement and statement retained earnings for the month ended December 31, 2024, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount that is, the largest expense first, the smallest expense last. AAAAAAA 8. Journalize the closing entries and post to the T-accounts. 9. Prepare a post-closing trial balance as of December 31, 2024.
Dec. 1 Dec. 1 Marshfield Delivery Service began operations by receiving $3,000 cash and a truck with a fair value of $17,000 from Ripley Marshfield. The business issued Marshfield shares of common stock in exchang for this contribution. Paid $1,260 cash for a nine-month insurance policy. The policy begin December 1. Paid $700 cash for office supplies. Dec. 4 Dec. 12 Performed delivery services for a customer and received $1,800 cas Dec. 15 Completed a large delivery job, billed the customer, $3,200, and received a promise to collect the $3,200 within one week. Paid employee salary, $700. Received $3,000 cash for performing delivery services. Collected $1,600 in advance for delivery service to be performed late Dec. 18 Dec. 20 Dec. 22 Dec. 25 Collected $3,200 cash from customer on account.
Dec. 25 Collected $3,200 cash from customer on account. Dec. 27 Purchased fuel for the truck, paying $250 on account. (Credit Accounts Payable) Dec. 28 Performed delivery services on account, $1,500. Dec. 29 Paid office rent, $1,300, for the month of December Dec. 30 Paid $250 on account. Dec. 31 Cash dividends of $2,300 were paid to stockholders.