Need to Solve Requirements 1 - 7 ordered by date similar to this format below :
ID: 2734465 • Letter: N
Question
Need to Solve Requirements 1 - 7 ordered by date similar to this format below :
Requirements
The accounts used by the business are provided in the Chart of Accounts (click on "Chart of Accounts" to view.)
1. Record each January transaction in the journal. Explanations are not required.
2. Review each of the accounts in the ledger to see the results of posting the journal entries, including the changes in each account as well as the unadjusted balance. (Click on "General Ledger" to view.)
3. Review the unadjusted trial balance as of January 31, 2015. Note: This is an unadjusted trial balance since the adjusting entries have not yet been prepared and posted. (Click on "Trial Balance" to view.)
4. Journalize the adjusting entries. Explanations are not required.
5. Review each of the accounts in the ledger to see the results of posting the adjusting entries, including the changes in each account as well as the adjusted balance. (Click on "General Ledger" to view.)
6. Review the adjusted trial balance as of January 31, 2015. Note: This is an adjusted trial balance since the adjusting entries have been prepared and posted. (Click on "Trial Balance" to view.)
7. Review the income statement for the month ended January 31, 2015 (click on "Income Statement" to view) and the classified balance sheet on January 31, 2015 (click on "Balance Sheet" to view).
01/03/2015
Collected $900 cash from customer on account.
01/05/2015
Purchased office supplies on account, $400.
01/12/2015
Performed delivery services for a customer and received $1,000 cash.
01/15/2015
Paid employee salary including the amount owed on December 31, $1,500.
01/18/2015
Performed delivery services on account, $750.
01/20/2015
Paid $300 on account.
01/24/2015
Purchased fuel for the truck, paying $150 cash.
01/27/2015
Completed the remaining work due for Unearned Revenue. (Go to Bottom of page for this info)
01/28/2015
Paid office rent, $600, for the month of January.
01/30/2015
Collected $1,200 in advance for delivery service to be performed later.
01/31/2015
Cash dividends of $1,000 were paid to stockholders.
Background:
Matthews Delivery Service has completed closing entries and the accounting cycle for 2014. The business is now ready to record January 2015 transactions.
Adjustment data:
a. Office Supplies on hand, $80.
b. Accrued Service Revenue, $1,000.
c. Accrued Salaries Expense, $850.
d. Prepaid Insurance for the month has expired. On December 1, Matthews paid $600 cash for a 6-month insurance policy. The policy began December 1. On December 31, Matthews recorded $100 as an expense for the expiration of this prepaid insurance for the month of December.
e. Depreciation was recorded on the truck for the month. On December 1, Matthews received a truck with a fair value of $20,000 from Robert Matthews. On December 31, Matthews recorded $250 as an expense for the month of December for depreciation on the truck using the straight-line method, a useful life of 5 years, and a salvage value of $5,000.
Assignment:
This question has 7 requirements. Scroll down to review the requirements and ensure you complete all requirements before submitting your work for grading.
01/27/2015
Completed the remaining work due for Unearned Revenue. Information below.
Explanation / Answer
1) 1/3/2015 Cash Dr 900 Accounts receivable Cr 900 1/5/2015 Office Supplies Dr 400 Accounts payable Cr 400 1/12/2015 Cash Dr 1000 Service revenue Cr 1000 1/15/2015 Salaries payable Dr 700 Salaries expense Dr 800 Cash Cr 1500 1/18/2015 Accounts receivable Dr 750 Service revenue Cr 750 1/20/2015 Accounts payable Dr 300 Cash Cr 300 1/24/2015 Petrol expenses Dr 150 Cash Cr 150 1/27/2015 Unearned service revenue Dr 100 Service revenue Cr 100 1/28/2015 Rent expense Dr 600 Cash Cr 600 1/30/2015 Cash Dr 1200 Unearned service revenue Cr 1200 1/31/2015 Retained earnings Dr 1000 Cash Cr 1000 2 & 3) Unadjusted trial balance opening balance closing balance Dr Cr Dr Cr Dr Cr Cash 16400 3100 3550 15950 Accounts receivable 1350 750 900 1200 Office supplies 200 400 600 Prepaid Insurance 500 500 Truck 20000 20000 Accumulated depriciation 250 250 Salaries payable 700 700 0 Unearned service revenue 100 100 1200 1200 Paid in capital 37400 37400 Rent expense 600 600 Service revenue 1850 1850 Petrol expense 150 150 Accounts payable 300 400 100 Salaries expense 800 800 Retained earnings 1000 1000 38450 38450 7900 7900 40800 40800 4) Adjustment entries a) Supplies expense Dr 520 Office Supplies Cr 520 ( 200 + 400 - 80) b) Accrued service revenue Dr 1000 Service revenue Cr 1000 c) Salaries expense Dr 850 Salaries payable Cr 850 d) Insurance expense Dr 100 Prepaid Insurance Cr 100 e) Depriciation Dr 250 Accumulated depriciation Cr 250 5 & 6) Adjusted trial balance closing balance Adjustment entries Adjusted trial Dr Cr Dr Cr Dr Cr Cash 15950 15950 Accounts receivable 1200 1200 Office supplies 600 520 80 Prepaid Insurance 500 100 400 Accrued service revenue 1000 1000 Truck 20000 20000 Accumulated depriciation 250 250 500 Salaries payable 0 850 850 Unearned service revenue 1200 1200 Paid in capital 37400 37400 Rent expense 600 600 Service revenue 1850 1000 2850 Petrol expense 150 150 Accounts payable 100 100 Salaries expense 800 850 1650 Insurance expense 100 100 Supplies expense 520 520 Depricition 250 250 retaine earnings 1000 1000 40800 40800 2720 2720 42900 42900 7) Income statement Service Revenue 2850 Less Salaries expense 1650 Rent expense 600 Petrol expense 150 Insurance expense 100 Supplies expense 520 Depriciation 250 3270 Net operating income -420 Balance Sheet ASSETS Cash 15950 Accounts receivable 1200 Office supplies 80 Prepaid Insurance 400 Accrued service revenue 1000 Total curret assets 18630 Property plant & equipment Truck 20000 Less accumulated depriciation -500 Total PPE 19500 Total Assets 38130 LIABILITIES Salaries payable 850 Unearned service revenue 1200 Accounts payable 100 Total current liabilities 2150 Stockholders equity Total paid in capital 37400 Retained earnings -420 less dividend paid -1000 Total stockholders equity 35980 Total liabilities & stockholders 38130
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