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Acctg Cycle Problem on MAL-Natalie Bigelow

Student: Natalie Bigelow


Date: 6/7/16

6/7/16, 3:48 PM

Instructor: Corinne Anderson


Assignment: Acctg Cycle Problem on
Course: ACCT 1110-001 Summer 2016 MAL

1. Mighty Delivery Service completed the following transactions during December 2016:
1
(Click the icon to view the transactions.)
Read the requirements2.
Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then
credits. Exclude explanations from journal entries.)
Dec. 1: Mighty Delivery Service began operations by receiving $15,000 cash and a truck with a fair value of
$10,000 from Russ Mighty. The business gave Mighty capital in exchange for this contribution.
Date
Dec. 1

Accounts

Debit

Cash

15,000

Truck

10,000

Mighty, Capital

Credit

25,000

Dec. 1: Paid $600 cash for a six-month insurance policy. The policy begins December 1.
Date
Dec. 1

Accounts

Debit

Prepaid Insurance

Credit

600

Cash

600

Dec. 4: Paid $600 cash for office supplies.


Date
Dec. 4

Accounts

Debit

Office Supplies

Credit

600

Cash

600

Dec. 12: Performed delivery services for a customer and received $1,500 cash.
Date
Dec. 12

Accounts
Cash
Service Revenue

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Debit

Credit

1,500
1,500

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Dec. 15: Completed a large delivery job, billed the customer, $2,700, and received a promise to collect the
$2,700 within one week.
Date
Dec. 15

Accounts
Accounts Receivable

Debit

Credit

2,700

Service Revenue

2,700

Dec. 18: Paid employee salary, $1,500.


Date
Dec. 18

Accounts
Salaries Expense

Debit

Credit

1,500

Cash

1,500

Dec. 20: Received $3,000 cash for performing delivery services.


Date
Dec. 20

Accounts
Cash

Debit

Credit

3,000

Service Revenue

3,000

Dec. 22: Collected $1,900 in advance for delivery service to be performed later.
Date
Dec. 22

Accounts
Cash

Debit

Credit

1,900

Unearned Revenue

1,900

Dec. 25: Collected $2,700 cash from customer on account.


Date
Dec. 25

Accounts
Cash
Accounts Receivable

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Debit

Credit

2,700
2,700

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Dec. 27: Purchased fuel for the truck, paying $250 on account. (Credit Accounts Payable)
Date
Dec. 27

Accounts
Fuel Expense

Debit

Credit

250

Accounts Payable

250

Dec. 28: Performed delivery services on account, $1,500.


Date
Dec. 28

Accounts
Accounts Receivable

Debit

Credit

1,500

Service Revenue

1,500

Dec. 29: Paid office rent, $2,100, for the month of December.
Date
Dec. 29

Accounts
Rent Expense

Debit

Credit

2,100

Cash

2,100

Dec. 30: Paid $250 on account.


Date
Dec. 30

Accounts
Accounts Payable

Debit

Credit

250

Cash

250

Dec. 31: Mighty withdrew cash of $2,900.


Date
Dec. 31

Accounts
Mighty, Withdrawals
Cash

Debit

Credit

2,900
2,900

Post the transactions to the T-accounts. Use the transaction dates as posting references. Use a "Bal." posting
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reference to show the ending balance of each account. For any accounts with a zero balance, select the "Bal." posting
reference and enter a "0" on the normal side of the account.
Review the journal entries you prepared above.
Cash

Accounts Payable

Dec. 1

15,000

600 Dec. 1

Dec. 12

1,500

600 Dec. 4

Dec. 20

3,000

1,500 Dec. 18

Dec. 22

1,900

2,100 Dec. 29

Dec. 25

2,700

250 Dec. 30

Dec. 30

250

Service Revenue

250 Dec. 27

1,500 Dec. 12
2,700 Dec. 15

0 Bal.

3,000 Dec. 20
1,500 Dec. 28

Salaries Payable

2,900 Dec. 31

Bal.

16,150

0 Bal.

Accounts Receivable
Dec. 15

2,700

Dec. 28

1,500

Bal.

1,500

Unearned Revenue

2,700 Dec. 25

Office Supplies

Dec. 18

1,500

1,900 Bal.

Bal.

1,500

Mighty, Capital

600

25,000 Dec. 1

Bal.

600

25,000 Bal.

Prepaid Insurance

Salaries Expense

1,900 Dec. 22

Dec. 4

Depreciation ExpenseTruck

Bal.

Mighty, Withdrawals

Dec. 1

600

Dec. 31

2,900

Bal.

600

Bal.

2,900

Truck

8,700 Bal.

Insurance Expense

Bal.

Income Summary

Fuel Expense

Dec. 1

10,000

Dec. 27

250

Bal.

10,000

Bal.

250

Accumulated DepreciationTruck
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Rent Expense
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0 Bal.

Dec. 29

2,100

Bal.

2,100

Supplies Expense

Bal.

Requirement 3. Prepare an unadjusted trial balance as of December 31, 2016. (Exclude any accounts with a zero
balance from the trial balance.)
Review the T-accounts you prepared in Requirement 1.
Mighty Delivery Service
Unadjusted Trial Balance
December 31, 2016
Balance
Account Title
Cash

Debit
$

Accounts Receivable

Credit

16,150
1,500

Office Supplies

600

Prepaid Insurance

600

Truck

10,000

Unearned Revenue

Mighty, Capital

25,000

Mighty, Withdrawals

2,900

Service Revenue

8,700

Salaries Expense

1,500

Fuel Expense

250

Rent Expense

2,100

Total

1,900

35,600 $

35,600

Requirement 4. Journalize the adjusting entries using the adjustment data. Post adjusting entries to the T-accounts.
Begin by preparing the adjusting entries. (Record debits first, then credits. Exclude explanations from journal entries.)
a. Accrued Salaries Expense, $1,500.

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Date
Dec. 31
Adj. (a)

6/7/16, 3:48 PM

Accounts
Salaries Expense

Debit

Credit

1,500

Salaries Payable

1,500

b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of five years and a
salvage value of $4,000.
Date
Dec. 31
Adj. (b)

Accounts
Depreciation ExpenseTruck

Debit

Credit

100

Accumulated DepreciationTruck

100

c. Prepaid Insurance for the month has expired.


Date
Dec. 31
Adj. (c)

Accounts
Insurance Expense

Debit

Credit

100

Prepaid Insurance

100

d. Office supplies on hand, $250.


Date

Accounts

Dec. 31

Supplies Expense

Adj. (d)

Office Supplies

Debit

Credit

350
350

e. Unearned Revenue earned during the month, $1,400.


Date
Dec. 31
Adj. (e)

Accounts
Unearned Revenue
Service Revenue

Debit

Credit

1,400
1,400

f. Accrued Service Revenue, $1,550.

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Date
Dec. 31

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Accounts

Debit

Accounts Receivable

Adj. (f)

Credit

1,550

Service Revenue

1,550

Post the adjusting entries to the T-accounts. The unadjusted balances of the accounts ("Bal.") have been entered for
you. Use the adjustment and corresponding letters as posting references"Adj. (a)", "Adj. (b)", etc. Use a "Bal."
posting reference on the last line of each T-account to show the adjusted balance of each account. For any accounts
with a zero balance, select the "Bal." posting reference and enter a "0" on the normal side of the account.
Review the adjusting journal entries you prepared above.
Cash
Bal.

Accounts Payable

16,150

Service Revenue

0 Bal.

8,700 Bal.
1,400 Adj. (e)

Bal.

16,150

1,550 Adj. (f)

0 Bal.

11,650 Bal.
Salaries Payable
0 Bal.
1,500 Adj. (a)
1,500 Bal.

Accounts Receivable
Bal.

1,500

Adj. (f)

1,550

Bal.

3,050

Unearned Revenue
Adj. (e)

Bal.

600

Mighty, Capital

350 Adj. (d)

25,000 Bal.

250

25,000 Bal.

Prepaid Insurance
Bal.

Bal.

600

1,900 Bal.

500 Bal.

Office Supplies
Bal.

1,400

100 Adj. (c)

500

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Salaries Expense
Bal.

1,500

Adj. (a)

1,500

Bal.

3,000

Depreciation ExpenseTruck
Bal.
Adj. (b)

100

Bal.

100

Mighty, Withdrawals
Bal.

Bal.

2,900

2,900

Insurance Expense
Bal.

Adj. (c)

100

Bal.

100
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Truck

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Income Summary

Fuel Expense

Bal.

10,000

Bal.

250

Bal.

10,000

Bal.

250

Accumulated DepreciationTruck
0 Bal.

Rent Expense
Bal.

2,100

Bal.

2,100

100 Adj. (b)


100 Bal.

Supplies Expense
Bal.

Adj. (d)

350

Bal.

350

Requirement 5. Prepare an adjusted trial balance as of December 31, 2016. (Exclude any zero balance accounts from
the adjusted trial balance.)
Review the T-accounts you prepared in Requirement 4.

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Mighty Delivery Service


Adjusted Trial Balance
December 31, 2016
Balance
Account Title
Cash

Debit
$

Accounts Receivable

Credit

16,150
3,050

Office Supplies

250

Prepaid Insurance

500

Truck

10,000

Accumulated DepreciationTruck

Salaries Payable

1,500

Unearned Revenue

500

Mighty, Capital

25,000

Mighty, Withdrawals

2,900

Service Revenue

11,650

Salaries Expense

3,000

Depreciation ExpenseTruck

100

Insurance Expense

100

Fuel Expense

250

Rent Expense

2,100
350

Supplies Expense
Total

100

38,750 $

38,750

Requirement 6. Prepare Mighty Delivery Service's income statement and statement of owner's equity for the month
ended December 31, 2016, and the classified balance sheet on that date. On the income statement, list expenses in
decreasing order by amountthat is, the largest expense first, the smallest expense last.
Begin by preparing the income statement. List expenses in decreasing order by amountthat is, the largest expense
first, the smallest expense last.
Review the Adjusted Trial Balance completed in Requirement 5.

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Mighty Delivery Service


Income Statement
Month Ended December 31, 2016
Revenues:
Service Revenue

11,650

Expenses:
Salaries Expense

3,000

Rent Expense

2,100

Supplies Expense

350

Fuel Expense

250

Depreciation ExpenseTruck

100

Insurance Expense

100
5,900

Total Expenses
$

Net Income (Loss)

5,750

Prepare the statement of owner's equity. Enter any increases in capital prior to the subtotal and any decreases to
capital below the subtotal. (Enter a "0" for any zero balances. Use a minus sign or parentheses to show a decrease in
retained earnings.)
Review the Adjusted Trial Balance completed in Requirement 5.
Mighty Delivery Service
Statement of Owner's Equity
Month Ended December 31, 2016
Mighty, Capital, December 1, 2016

Net income for the month

5,750
25,000

Owner contribution
$

30,750
(2,900)

Owner withdrawal
Mighty, Capital, December 31, 2016

27,850

Prepare Mighty Delivery Service's classified balance sheet on December 31, 2016. (Exclude any zero balance
accounts from the balance sheet.)
Review the Adjusted Trial Balance completed in Requirement 5.

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Mighty Delivery Service


Balance Sheet
December 31, 2016
Assets
Current Assets:
Cash

Accounts Receivable

16,150
3,050

Office Supplies

250

Prepaid Insurance

500

Total Current Assets

19,950

Plant Assets:
Truck
Less:

10,000
(100)

Accumulated DepreciationTruck

9,900

Total Plant Assets


$

Total Assets

29,850

Liabilities
Current Liabilities:
Salaries Payable

1,500
500

Unearned Revenue

2,000

Total Liabilities
Owner's Equity

27,850

Mighty, Capital
$

Total Liabilities and Owner's Equity

29,850

Requirement 7. Journalize the closing entries and post to the T-accounts.


Begin by journalizing the closing entries. (Record debits first, then credits. Exclude explanations from journal entries.)
Start by closing revenues.
Review the Adjusted Trial Balance completed in Requirement 5.
Date
Dec. 31
Clos. (1)

Accounts
Service Revenue
Income Summary

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Debit

Credit

11,650
11,650

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Close expenses for the period.


Review the Adjusted Trial Balance completed in Requirement 5.
Date
Dec. 31

Accounts
Income Summary

Clos. (2)

Debit

Credit

5,900

Salaries Expense

3,000

Rent Expense

2,100

Supplies Expense

350

Fuel Expense

250

Insurance Expense

100

Depreciation ExpenseTruck

100

Close Income Summary.


Review the Adjusted Trial Balance completed in Requirement 5.
Date
Dec. 31

Accounts
Income Summary

Clos. (3)

Debit

Credit

5,750

Mighty, Capital

5,750

Close withdrawals.
Review the Adjusted Trial Balance completed in Requirement 5.
Date
Dec. 31
Clos. (4)

Accounts
Mighty, Capital
Mighty, Withdrawals

Debit

Credit

2,900
2,900

Post the closing entries to the T-accounts. Use "Clos." and the corresponding number as shown in the journal entry as
posting references"Clos.(1)", "Clos.(2)", etc. The adjusted balance of each account has been entered for you. Post
any closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (including
those that were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the
account. For Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the
account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing
(the second line) and then show the post-closing balance ("Bal.") on the last (third) line of the account.
Review the closing journal entries you prepared above.

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Cash

Accounts Payable

Bal.

16,150

0 Bal.

Bal.

16,150

0 Bal.

Service Revenue
Clos.(1)

11,650

11,650 Bal.
0 Bal.

Salaries Payable
1,500 Bal.
1,500 Bal.

Accounts Receivable

Unearned Revenue

Salaries Expense

Bal.

3,050

500 Bal.

Bal.

3,000

Bal.

3,050

500 Bal.

Bal.

Office Supplies
Bal.

250

Bal.

250

Mighty, Capital
Clos.(4)

2,900

25,000 Bal.
5,750 Clos.(3)

3,000 Clos.(2)

Depreciation ExpenseTruck
Bal.

100

Bal.

100 Clos.(2)

27,850 Bal.

Prepaid Insurance

Mighty, Withdrawals

Bal.

500

Bal.

2,900

Bal.

500

Bal.

Truck

2,900 Clos.(4)

Insurance Expense
Bal.

100

Bal.

Income Summary

Bal.

10,000

Clos.(2)

5,900

Bal.

10,000

Clos.(3)

5,750

11,650 Clos.(1)
5,750 Bal.

100 Clos.(2)

Fuel Expense
Bal.

250

Bal.

250 Clos.(2)

0 Bal.
Accumulated DepreciationTruck

Rent Expense

100 Bal.

Bal.

2,100

100 Bal.

Bal.

2,100 Clos.(2)

Supplies Expense
Bal.

350

Bal.

350 Clos.(2)

Requirement 8. Prepare a post-closing trial balance. (Exclude any permanent accounts with a zero balance from the
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post-closing trial balance.)


Review the T-accounts you prepared in Requirement 7.
Mighty Delivery Service
Post-Closing Trial Balance
December 31, 2016
Balance
Account Title
Cash

Debit
$

Accounts Receivable

Credit

16,150
3,050

Office Supplies

250

Prepaid Insurance

500

Truck

10,000

Accumulated DepreciationTruck

100

Salaries Payable

1,500

Unearned Revenue

500
27,850

Mighty, Capital
$

Total

29,950 $

29,950

1: More Info
Dec.

Mighty Delivery Service began operations by receiving $15,000 cash and a truck with a fair value of
$10,000 from Russ Mighty. The business gave Mighty capital in exchange for this contribution.

Paid $600 cash for a six-month insurance policy. The policy begins December 1.

Paid $600 cash for office supplies.

12

Performed delivery services for a customer and received $1,500 cash.

15

Completed a large delivery job, billed the customer, $2,700, and received a promise to collect the
$2,700 within one week.

18

Paid employee salary, $1,500.

20

Received $3,000 cash for performing delivery services.

22

Collected $1,900 in advance for delivery service to be performed later.

25

Collected $2,700 cash from customer on account.

27

Purchased fuel for the truck, paying $250 on account. (Credit Accounts Payable)

28

Performed delivery services on account, $1,500.

29

Paid office rent, $2,100, for the month of December.

30

Paid $250 on account.

31

Mighty withdrew cash of $2,900.

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2: Requirements
1. Record each transaction in the journal using the following chart of accounts. Explanations are not required.

Cash

Mighty, Withdrawals

Accounts Receivable

Income Summary

Oce Supplies

Service Revenue

Prepaid Insurance

Salaries Expense

Truck

Depreciation ExpenseTruck

Accumulated DepreciationTruck

Insurance Expense

Accounts Payable

Fuel Expense

Salaries Payable

Rent Expense

Unearned Revenue

Supplies Expense

Mighty, Capital
2. Post the transactions in the T-accounts.
3. Prepare an unadjusted trial balance as of December 31, 2016.
4. 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, $1,500.
b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and
a salvage value of $4,000.
c. Prepaid Insurance for the month has expired.
d. Office Supplies on hand, $250.
e. Unearned Revenue earned during the month, $1,400.
f.

Accrued Service Revenue, $1,550.

5. Prepare an adjusted trial balance as of December 31, 2016.


6. Prepare Mighty Delivery Service's income statement and statement of owner's equity for the month ended
December 31, 2016, and the classified balance sheet on that date. On the income statement, list expenses in
decreasing order by amountthat is, the largest expense first, the smallest expense last.
7. Journalize the closing entries and post to the T-accounts.
8. Prepare a post-closing trial balance as of December 31, 2016.
YOU ANSWERED:
Cash

Accounts Payable

Dec. 1

15000

600 Dec. 1

Dec. 30

Dec. 12

1500

600 Dec. 4

Dec. 20

3000

1500 Dec. 18

Dec. 22

1900

2100 Dec. 29

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250

Service Revenue

250 Dec. 27

nothing

nothing

1500 Dec. 12

nothing

nothing nothing nothing

nothing

nothing

2700 Dec. 15

nothing

nothing

nothing

nothing

3000 Dec. 20

nothing

nothing

1500 Dec. 28

0 Bal.

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Dec. 22

1900

2100 Dec. 29

Dec. 25

2700

250 Dec. 30

nothing

nothing

2900 Dec. 31

nothing

nothing

nothing

nothing nothing

16150

nothing nothing

Bal.

nothing

nothing

nothing

nothing nothing nothing

nothing nothing nothing

nothing

nothing nothing nothing

nothing

nothing nothing nothing

nothing

nothing nothing nothing

nothing

nothing nothing nothing

nothing

nothing

Salaries Payable

Accounts Receivable

Unearned Revenue

1500 Dec. 28

8700 Bal.

Salaries Expense

Dec. 15

2700

2700 Dec. 25

nothing

nothing

1900 Dec. 22

Dec. 18

1500 nothing nothing

Dec. 28

1500

nothing nothing

nothing

nothing nothing nothing

nothing

nothing nothing nothing

Bal.

1500

nothing nothing

nothing

nothing

Bal.

Oce Supplies
Dec. 4
nothing
Bal.

Mighty, Capital

600

nothing nothing

nothing

nothing

nothing

nothing nothing

nothing

600

nothing nothing

nothing

Prepaid Insurance
Dec. 1
nothing
Bal.

1900 Bal.

25000 Dec. 1

1500 nothing nothing

Depreciation ExpenseTruck
nothing

nothing nothing nothing

nothing nothing nothing

nothing

nothing nothing nothing

nothing

nothing

nothing nothing nothing

25000 Bal.

Mighty, Withdrawals

Insurance Expense

600

nothing nothing

Dec. 31

2900 nothing nothing

nothing

nothing nothing nothing

nothing

nothing nothing

nothing

nothing nothing nothing

nothing

nothing nothing nothing

600

nothing nothing

Bal.

2900 nothing nothing

nothing

nothing nothing nothing

Truck

Income Summary

Fuel Expense

Dec. 1

10000

nothing nothing

Dec. 27

250 nothing nothing

nothing

nothing

nothing nothing

nothing

nothing nothing nothing

10000

nothing nothing

Bal.

Bal.

Accumulated DepreciationTruck

250 nothing nothing

Rent Expense

nothing

nothing

nothing nothing

Dec. 29

2100 nothing nothing

nothing

nothing

nothing nothing

nothing

nothing nothing nothing

nothing

nothing

nothing nothing

Bal.

2100 nothing nothing

Supplies Expense

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nothing

nothing nothing nothing

nothing

nothing nothing nothing


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nothing

Date
Dec. 31
Adj. (b)

Accounts

Debit

Depreciation ExpenseTruck

nothing nothing nothing

Credit

66.67

nothing

nothing

66.67

nothing

nothing

nothing

nothing

nothing

nothing

Accumulated DepreciationTruck

Mighty Delivery Service


Income Statement
Month Ended December 31, 2016
Revenues:
Service Revenue

11650

Expenses:
Salaries Expense

3000

Depreciation ExpenseTruck

100

Insurance Expense

100

Fuel Expense

250

Rent Expense

2100

Supplies Expense
Total Expenses
Net Income (Loss)

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350
5900
5750

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Cash

Accounts Payable

Service Revenue

Bal.

16,150

nothing nothing

nothing

nothing

0 Bal.

Clos.(1)

11650

11,650 Bal.

Bal.

16150

nothing nothing

nothing

nothing

0 Bal.

nothing

nothing

0 Bal.

Salaries Payable
nothing

nothing

1,500 Bal.

nothing

nothing

1500 Bal.

Accounts Receivable

Unearned Revenue

Salaries Expense

Bal.

3,050

nothing nothing

nothing

nothing

500 Bal.

Bal.

Bal.

3050

nothing nothing

nothing

nothing

500 Bal.

Bal.

Oce Supplies

Mighty, Capital

Bal.

250

nothing nothing

Clos.(4)

2900

Bal.

250

nothing nothing

nothing

nothing

nothing

nothing

Prepaid Insurance
500

nothing nothing

Bal.

Bal.

500

nothing nothing

Bal.

Truck

2,900

25,000 Bal.
5750 Clos.(3)

Bal.
Bal.

0 nothing nothing

Bal.

Income Summary

nothing nothing

Clos.(2)

5900

Bal.

10000

nothing nothing

Clos.(3)

5750

100

100 Clos.(2)

0 nothing nothing

Insurance Expense
Bal.

10,000

0 nothing nothing

27850 Bal.

2900 Clos.(4)

Bal.

3000 Clos.(2)

Depreciation ExpenseTruck

Mighty, Withdrawals

Bal.

3,000

11650 Clos.(1)
5750 Bal.

100

100 Clos.(2)

0 nothing nothing

Fuel Expense
Bal.

250

100 Clos.(2)

Bal.

150 nothing nothing

0 Bal.
Accumulated DepreciationTruck

Rent Expense

nothing

nothing

100 Bal.

Bal.

nothing

nothing

100 Bal.

Bal.

2,100

2100 Clos.(2)

0 nothing nothing

Supplies Expense
Bal.
Bal.

https://xlitemprod.pearsoncmg.com/api/v1/print/accounting

350

350 Clos.(2)

0 nothing nothing

Page 18 of 19

Acctg Cycle Problem on MAL-Natalie Bigelow

6/7/16, 3:48 PM

2. Accounting Cycle Comprehensive Problem


My Accounting Cycle Comprehensive Problem was required to be uploaded to my ePortfolio.
Also, I was required to write a "reflection" on this assignment.
Then I emailed my ePortfolio link to my instructor

https://xlitemprod.pearsoncmg.com/api/v1/print/accounting

Page 19 of 19