Accounting Cycle Problem Data ~ Version A Accounting Cycle Problem ~ perform all of the steps of the accounting cycl (using the working papers provided in a separate file)! 41. Record each transaction in the journal using he folowing chert of accounts. _fistee/iOn| PAGE!2) Explanations are not required Cash Iiiton, wthdraveals upphes Prepaid Insurance pense Depreciaton Expe! se. Accumulated Depreciation— Insurance Expense Accounts Payable Fuel Expense Salaries Payable Rent Expense arned Re’ Supplies Exper u i 2. Post the transactions in the T-accounts. 3. Prepare an unagusted tral balance as of December 31, 2018 4. Journaize the adusting entries using the following adjustment data and also: by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts, Adustment data: a. Accrued Salanes Expense, $900 D. Depreciation was recorded on the truck using the straight-line method. Assume a useful ife of $ years and a salvage value of $2,000. €. Prepaid Insurance for the month has expired. 4. Office Supplies on hand, $100. @. Unearned Revenue earned during the month, $400 1. Acctued Service Revenue, $750 5. Prepare an adwusted tral balance as of December 31, 2018, 6. Prepare Miton Delivery Service’s income statement and statement of owners ‘equty for the month ended December 31, 2018, and the classified balance ‘sheet on that date On the income statement, ist expenses in decreasing ‘order by amount—that is, the largest expense first, the smallest expense last 7. Journaize the closing entries and post to the T-accounts, 8. Prepare a post-closing tral balance as of December 31, 2018.Accounting Cycle Problem Data ~ Version A Miton Delivery Service began operations by receiving $21,000 cash CO) he and a truck with a fair value of $17,000 from Richard Milton. The business issued Mitton capital in exchange for this contribution. Paid $1,000 cash for a four-month insurance policy. The policy begins December 1 Paid $600 cash for office supplies. Performed delivery services for a customer and received $2,300 cash. Completed a large delivery job, biled the customer, $2.80, and received a promise to collect thé $2,800 within one week. Paid employee salary, $900. Received $14,000 cash for performing delivery services. Collected $1,100 in advance for delivery service to be performed later Collected $2,800 cash from customer on account. Purchased fuel for the truck, paying $400 on account. (Cred ‘Accounts Payable) Performed delivery services on account, $1,000. Paid office rent, $1,500, for the month of December. Paid $400 on account. Miton withdrew cash of $3,000. eevane DOSE Rano soura Ee ‘GENERAL JOURNAL, pa a coat a \ooc Witlion Capital BR | Ox \ | Benoci) fs nen 600 ashy i 1,000 [__47. | Ko Sunpiies Wo mun es ca \D.[ Cosh A200 Se QD 19. RK Bao Senfie. Keven, 2,80) ke lavies. ACO Cash ae O00 B0.| Casi 1,006, Si ios ba | Casin 166 Creandl rev : \\CO DA an : Dmo Arras Rec Rup QT] Fed & > Aco im Ago ae AR {600° Shes Row: anc BB. | Rent Eeoense \\500 Cassy EOD Page 1 of 10Journal Name _ GENERAL JOURNAL BO) Account Pa joie. 400 Casin 0d. |_@\ Milton witndrruus C00 Casin B00O [aa oy on Sains co b | Be. Fio- tr DRO Aru. dep= Vrodk JED C, Tas ¢ G5 Wepatd dnsiver x a. Wes Es \¢ Ais Subyliz c. ee A0o 400 FE. so v 50 fi TSO call S Bal 13,150 : stots Stern in SENSO) Al | Dnurre, Swat ake) Colmer ee) Leo Ror AAD -- ASO 2. C00 B,0CO Page 2 of 10Office Supplies 4 WooploO Fd ‘Accounts Receivable Dec 15 2js02]2800 K25 Hoe Pl gioco 1000 dc.\ OIL 2,300 yoo ci ngo OF a eae aie 4 IY,Q00 Qoo dec. 1B oe SOY Cec Ww 1,100 oe : Dee DP 1 2D _dex.3\ | STAT Ba FERO mae Prepaid Insurance 1 Truck Accum. Depr. - Truck Re WOT YEO AT Cal GS 250 No Accounts Payable Salaries Payable Unearned Revenue Aoo] AOO Cec. 00 4a de Yoo W100 Cec. 22 Gao 4 :. Owner, Capital ‘Owner, Withdrawals Income Summary D [seo oe 12 oe Depr. Exp. - Truck ab. 250) Service Revenue Salaries Expense Page 3 of 10Name Ledger “GENERAL LEDGER Insurance Expense Fuel Expense Rent Expense +c DED BoA AD 29 S00] > Supplles Expense AQ \o0 Page 4 of 10Trial Bal Sem ver 19,\00 Owneic widnda 000 X Cops) 2S, QWaies AO. 00 Fil exo: View Rent ex. OD Toeal_= FAG A2G0 Page 5 of 10Name Trial Bal 2 AW itn witindeus! — Tain ete) i Page 6 of 10Trial Bal 3 Page 7 of 10Ded Meth OSE ZS Unter : Woon ink) ib SWI aaa : oo BID “en oe ¥ dna. 0 ————— Page 8 of 10Name Fin Stmt 3 : ie eee] Ale ELviG kat 23,200 \, 600 500 = = 150. “Wa 0 pr ick Bei, Hoprta Dian AD “Vaxk 7 E00 Acrua-des-turk (250) WoO pom, plank, 2ds6 Tene | ASSES : Fad BIO ys ) TOC An {all AAASO dj a Oy Guid EQ CO Page 10 of 10Fin Stmt 2_ Name Walkin Brera Genico Aon @ « Ta 1 20) 2B WO 7 en ey AG ; ries) LAV 7g AED Page 9 of 10