Comprehensive Accounting Cycle Review Problem Instructions Student Name__NOOCY axe Complete the Comprehensive Problem, beginning on page 2, on the included work papers. If you prefer you can complete the problem using the excel spreadsheet available on Canvas. ‘Submit the assignment to your instructor AND upload it to your ePortfolio: 1. Submit to your instructor by due date (60 points) 2. Upload to your ePortfolio and submit the link to your instructor by due date (20 points) ‘Instructions on how to submit the assignment (60 points): Go to your Canvas home page for this course. Scroll down to the bottom where it says Offline Assignment Area, Follow the instructions where Is says Click here to upload your Comprehensive Problem. Be sufe and put your name on the assignment. Please submit the problem as one document. 2:Instructions on how to submit the link to your ePortfotto (20 points): Go to your Canvas home page for this course. Scroll down to the bottom where it says Offline Assignment Area, Follow the instructions where Is says Click here fo submit your ePortfolio link. (if you do not already have an ePortfolio you can get help ‘making one by elther going to the ePortfolio lab in the basement of the library on the Redwood Campus in room 47. Note: This Is the project that lets you know if your level of understanding is where It needs to be to be successful in this course, If you are having great difficulty In completing this then you riéed to review the content of chapters 2-4 to continue on and have a successful experience. Please give it your best shot! ‘A solution to this problem is not available for your reference, by design. It is time for you to complete a problem on your own. The following check figures are provided: Unadiusted Trial Balance $54,000 ‘Adjusted Trial Balance $58,350 Net Income. $18,300 Total Assets ___| 849,400 Post-Closing Trial Balance | $49,500,cpayivg, “OE Seay AMG, HE TE Comprehensive Accounting Cycle Review Problem Comprehensive Accounting Cycle Review Problem Data & Work Papers ‘Murphy Delivery Services began business December 1* of the current year. Complete the steps of the accounting cycle using the information below. December transactions: Dec. 1 Murphy Delivery Service began operations by receiving $16,000 cash and a truck with a fair value of $17,000 from Rico Murphy. The business gave Murphy capital in exchange for this contribution. 1. Paid $600 cash for a six-month insurance policy. The policy begins December 1. 4 Paid $800 cash for office supplies 12 Performed delivery services for a customer and received $2,100 cash 15. Completed a large delivery job, billed the customer, $2,900, and received a promise to collect the $2,900 within one week. 18 Paid employee salary, $700. 20 Received $14,000 cash for performing delivery services, 22 Collected $1,100 in advance for delivery service to be performed later 25 Collected $2,900 cash from customer on account 27 Purchased fue! for the truck, paying $200 on account. (Credit Accounts Payable) 28 Performed delivery services on account, $900. 29. Paid office rent, $1,200, for the month of December. 30. Paid $200 on account —31__Muroh withdrew cash of $3200 General Ledger Accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Truck; Accumulated Depreciation- Truck; Accounts Payable; Salaries Payable,; Uneamed Revenue; Capital; Withdrawals; Income Summary; Service Revenue; Salaries Expense; Depreciation expense-Truck; Insurance Expense; Fuel Expense, Rent Expense; Supplies Expense. 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 $11,000. ‘c. Propaid Insurance for the month has expired. . Office Supplies on hand, $150. 2. Uneamed Revenue eared during the month, $500. f. Accrued Service Revenue, $1,550,Requirements: ‘Complete the following steps on the Traditional Work Papers or on the Excel Spreadsheet. Both are available on Canvas. Prepare the journal entries in the general journal and post to the T-accounts. Prepare an unadjusted trial balance, Prepare the adjusting entries in the general journal and post to the T-accounts. Prepare an adjusted trial balance. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings, dolar signs, and undertining. Prepare the closing entries in the general journal and post to the T-accounts, Prepare a post-closing trial balance. vapesNoma Garcia c/abfr GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION DEBIT _| CREDIT ‘Record Transactions, Adjusting Entries, Closing Entries in this Journal Deca 16,000. 17,000. Mutonu, Cagital 23,000 Dec 2 ee Trsorane 600 cash £00 Dew o/s 00) cach Dec | Cada 2100 Sf 2100) Qe 1S AR 200 2,400 Qec 16 iat pe 7100 Cacia, 100 eo) Cady 14,000 Sk 4 et a2 Cash 00. u/e 00 Ye oS aS Fue. 2-00, 200 Dec 3% 200 Ze ZN Dec 3 Ker Expence 2 Gash 2.90 a af 2m oO “100 100 100 thee wo 100 100 GSO 650GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION DEBIT | CREDIT We 00. ez S00 Ae {sso (SSO Post CLS TG Murals Capital 2.00. Paurobua V\t\dvaw ab 2200 sf aso t/s PQvASO tf | 2650 Lam 100 100 200 Lam GSO T/s 14.320) 16,30)GENERAL JOURNALGENERAL LEDGER Cash Acts, Rec Office Supplies Prepaid Insurance Top Oe wie | 2 4o 20 A102, 400 992_| 50. 0 96 = jos? _ — Si (sso -— ~aHs0 Truck ‘Accum, Deprec,—Truck * Accounts Payable Salaries Payable (7,000 00. R00 [200 7100 1) WO (00 t— 100. Unearned Revenue Capital Withdrawals Income Summary 1100 3650 | 2\AS0 500 | 1100 . I ~~ | G00 (620_ 14,20 Service Revenue Salaries Expense Depreciation Exp.-Truck Insurance Expense (00 wo “w ]00 1D [00GENERAL LEDGER Fuel Expense Rent Expense Supplies Expense ¢so i) a: 60| nphvery Services Naurghy Delivery 9@ Unadjusted Trial Balance For ihe qnonth ending December 3\* Debits | Credits 906 900 600 17.9906 Ib 1,100 24,006Morphy, Delivery Seriees Adjusted Trial Balance Seer Debits [_ Credits Coren C | Bam AF 24SO 04 isd PF Gulance Ea Plant assets Trixk 000 Coon Deprec —Trur £ 100 10) V7 3,000 200 rc VASO | 56260 + 56,250Murky Delivery Sertiees Tncome Statement Month, Ensrge Dec aT g ASO Salar E400 Cex sn Tune 100 peurance yp 100 Fuel ovo 200 Kent rye L200 Sv Opies Exp ————_ Total ey (3.460) Nel Sncoma EMI Word's Dewwery Services ‘Statement of Changes in Owner's Equity Ront endiv, Dec. 31 Beaming @alance £0 Quah overt wont 3%, 000 Wet Tncom ENN — S120) Murphy Wiladranals aa) Endiva Balance $46,100Hurghy —_Delery Services Balance Sheet AS of Dec. 2 ‘Assets Uabilities Curent assets: wren abilities Cash $27 400 Salaries Pavatle 4100 A/a F450 v/e - 00 Cffive, Sunslies {sO Total cuvent babii 41300 PP Tysurance SO — “Tolal_cotrent 4S. Planet Toja\ Y “Total ass-e8. $449,400 Owner's Equity Owneis Savi 44,100 Total acSeis $44,400. 4 Tolal haliliies + OA = $45, 400mueghy _Deliverg Bet Post-Closing Trial Balance Panik ending Ore <1 Debits | Credits era uc Ale auSO Office Sundives 1S PP Tremanee S00) Aue, 11000. Coon Dorie Turk Salaries ayaple Vie “Coptal S00