Name _________________________ Journal Entries

GENERAL JOURNAL
Date Account Names Debit Credit
Dec 1. Cash $ 21,000
Truck $ 17,000
Milton, Capital $ 38,000
Dec 1. Prepaid Insurance $ 1,000
Cash $ 1,000
Dec 4. Office Supplies $ 600
Cash $ 600
Dec 12. Cash $ 2,300
Service Revenue $ 2,300
Dec 15. Accounts Receivable $ 2,800
Service Revenue $ 2,800
Dec 18. Salaries Expense $ 900
Cash $ 900
Dec 20. Cash $ 14,000
Service Revenue $ 14,000
Dec 22. Cash $ 1,100
Unearned Revenue $ 1,100
Dec 25. Cash $ 2,800
Accounts Receivable $ 2,800
Dec 27. Fuel Expense $ 400
Accounts Payable $ 400
Dec 28. Accounts Receivable $ 1,000
Service Revenue $ 1,000
Dec 29. Rent Expense $ 1,500
Cash $ 1,500
Dec 30. Accounts Payable $ 400
Cash $ 400
Dec 31. Milton, Withdrawal $ 3,000
Cash $ 3,000

GENERAL JOURNAL
Dec. 31 (a) Salaries Expense $ 900
Salaries Payable $ 900
Dec. 31 (b) Depreciation Expense - Truck $ 250
Accumulated Depreciation - Truck $ 250
Dec. 31 (c) Insurance Expense $ 250
Prepaid Insurance $ 250
Dec. 31 (d) Supplies Expense $ 500

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Name _________________________ Journal Entries

Office Supplies $ 500

Dec. 31 (e) Unearned Revenue $ 400
Service Revenue $ 400
Dec. 31 (f) Accounts Receivable $ 750
Service Revenue $ 750

GENERAL JOURNAL
Dec. 31 (Close 1) Service Revenue $ 21,250
Income Summary $ 21,250
Dec. 31 (Close 2) Income Summary $ 4,700
Salaries Expense $ 1,800
Depreciation Expense - Truck $ 250
Insurance Expense $ 250
Fuel Expense $ 400
Rent Expense $ 1,500
Supplies Expense $ 500
Dec. 31 (Close 3) Income Summary $ 16,550
Milton, Capital $ 16,550
Dec. 31 (Close 4) Milton, Capital $ 3,000
Milton, Withdrawals $ 3,000

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Name _________________________ Ledger

GENERAL LEDGER
Cash Accounts Receivable Office Supplies
Dec 1. $ 21,000 $ 1,000 Dec 1. Dec 15. $ 2,800 $ 2,800 Dec 25. Dec 4. $ 600 $ 500 Dec 31 (d)
Dec 12. $ 2,300 $ 600 Dec 4. Dec 28. $ 1,000
Dec 20. $ 14,000 $ 900 Dec 18. Dec 31. (f) $ 750
Dec 22. $ 1,100 $ 1,500 Dec 29.
Dec 25. $ 2,800 $ 400 Dec 30.
$ 3,000 Dec 31.
Bal. $ 33,800 Bal. $ 1,750 Bal. $ 100

Prepaid Insurance Truck Accum. Depr. - Truck

Dec 1. $ 1,000 $ 250 Dec 31. (c) Dec 1. $ 17,000 $ 250 Dec 31. (b)

Bal. $ 750 Bal. $ 17,000 $ 250 Bal.

Accounts Payable Salaries Payable Unearned Revenue

Dec 30. $ 400 $ 400 Dec 27. $ 900 Dec 31. (a) Dec 31. (e) $ 400 $ 1,100 Dec 22.

$ - Bal. $ 900 Bal. $ 700 Bal.

Owner, Capital Owner, Withdrawals Income Summary

Dec. 31 (Close 4) $ 3,000 $ 38,000 Dec. 1 Dec 31. $ 3,000 $ 3,000 Dec. 31 (Close 4) Dec. 31 (Close 2) $ 4,700 $ 21,250 Dec. 31 (Close 1)
$ 16,550 Dec. 31 (Close 3) Dec. 31 (Close 3) $ 16,550

$ 51,550 Bal. Bal. $ - $ - Bal.

Service Revenue Salaries Expense Depr. Exp. - Truck

Dec. 31 (Close 1) $ 21,250 $ 2,300 Dec 12. Dec 18. $ 900 $ 1,800 Dec. 31 (Close 2) Dec 31. (b) $ 250 $ 250 Dec. 31 (Close 2)
$ 2,800 Dec 15. Dec 31 (a) $ 900
$ 14,000 Dec 20.
$ 1,000 Dec 28.
$ 400 Dec 31. (e)
$ 750 Dec 31 (f) Bal. $ - Bal. $ -
$ - Bal.

GENERAL LEDGER
Insurance Expense Fuel Expense Rent Expense
Dec 31 (c ) $ 250 $ 250 Dec. 31 (Close 2) Dec 27. $ 400 $ 400 Dec. 31 (Close 1) Dec 29. $ 1,500 $ 1,500 Dec. 31 (Close 2)

Bal. $ - Bal. $ - Bal. $ -

Supplies Expense
Dec 31 (d) $ 500 $ 500 Dec. 31 (Close 2)

Bal. $ -

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Name _________________________ Unadjusted-Trial Bal

Milton Delivery Service

Unadjusted Trial Balance
December 31, 2018

Account Name Debit Credit

Cash $ 33,800
Accounts Receivable $ 1,000
Office Supplies $ 600
Prepaid Insurance $ 1,000
Truck $ 17,000
Unearned Revenue $ 1,100
Milton, Capital $ 38,000
Milton, Withdrawals $ 3,000
Service Revenue $ 20,100
Salaries Expense $ 900
Rent Expense $ 1,500
Fuel Expense $ 400

Total $ 59,200 $ 59,200

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Name _________________________ Adjusted-Trial Bal

Milton Delivery Service

Adjusted TRIAL BALANCE
December 31, 2018

Account Name Debit Credit

Cash $ 33,800
Accounts Receivable $ 1,750
Prepaid Insurance $ 750
Office Supplies $ 100
Truck $ 17,000
Accumulated Depreciation-Truck $ 250
Unearned Revenue $ 700
Salaries Payable $ 900
Milton, capital $ 38,000
Milton, withdrawals $ 3,000
Service Revenue $ 21,250
Salaries Expense $ 1,800
Depreciation Expense - Truck $ 250
Insurance Expense $ 250
Fuel Expense $ 400
Rent Expense $ 1,500
Supplies Expense $ 500

Total $ 61,100 $ 61,100

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Name _________________________ Adjusted-Trial Bal

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Name _________________________ Income Stmt

Milton Delivery Service

Income Statement
Month Ended December 31, 2018
Revenues:
Service Revenue $ 21,250

Expenses:
Salaries Expense $ 1,800
Rent Expense $ 1,500
Supplies Expense $ 500
Fuel Expense $ 400
Depreciation Expense-Truck $ 250
Insurance Expense $ 250
Total Expenses: $ 4,700

Net Income $ 16,550

Page 7 of 11
Name _________________________ Stmt of Equity

Milton Delivery Service

Statement of Equity
Month Ended December 31, 2018
Milton, Capital, December 1, 2018 $ -
Owner Contributions $ 38,000
Net Income $ 16,550
$ 54,550
Owner Withdrawal $ (3,000)
Milton, Capital, Dec. 31, 2018 $ 51,550

Page 8 of 11
Name _________________________ Balance Sheet

Milton Delivery Service

Balance Sheet
December 31, 2018
Assets
Current Assets:
Cash $ 33,800
Accounts Receivable $ 1,750
Office Supplies $ 100
Prepaid Insurance $ 750
Total Current Assets $ 36,400
Property, Plant, & Equipment:
Truck $ 17,000
Less: Accumulated Depreciation- Truck $ (250)
Total Property, Plant, & Equipment $ 16,750
Total Assets $ 53,150
Liabilities
Current Liabilities:
Salaries Payable $ 900
Unearned Revenue $ 700
Total Liabilites $ 1,600
Owner's Equity
Milton, Capital $ 51,550
Total Liabilites & Owner's Equity $ 53,150

Page 9 of 11
Name _________________________ Post-Closing Trial Bal

Milton Delivery Service

Post-Closing TRIAL BALANCE
December 31, 2018

Account Name Debit Credit

Cash $ 33,800
Accounts Receivable $ 1,750
Prepaid Insurance $ 750
Office Supplies $ 100
Truck $ 17,000
Accumulated Depreciation-Truck $ 250
Unearned Revenue $ 700
Salaries Payable $ 900
Milton, Capital $ 51,550

Total $ 53,400 $ 53,400

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Name _________________________ Post-Closing Trial Bal

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