Reference no: EM132264015
Assignment: Part 1: 1. Record each of the following transactions in the journal. Explanations are not required.
Dec. 01, 2019 Miller Delivery Service Inc began operations by receiving $20,000 cash and a truck with a fair market value of $20,000, salvage value of 2,000, and a 5 year Useful life from Robert Miller. The business issued miller 30,000 shares of the $1 Par common stock in exchange for this contribution.
Dec. 02 Paid $1,000 cash for a four-month insurance policy. This policy begins December 1st.
Dec. 03 Paid $500 cash for office supplies.
Dec. 05 Performed delivery services for a customer and received $2,000 cash.
Dec. 07 Completed a delivery job, billed the customer for $2,500 and received a promise to collect the $2,500 within one week.
Dec. 08 Start writing a Bond contract to raise $100,000 for more trucks and a garage type building to hold them in.
Dec. 10 Purchased $200 of fuel for the truck, on account.
Dec. 12 Received $15,000 cash for performing delivery services.
Dec. 13 Collected $800 in advance for delivery services to be performed later.
Dec. 15 Collected $2,500 cash from a customer on account.
Dec. 18 Paid employee salary, $2,000.
Dec. 21 Issued $100,000, 5%, 10 year Bonds @ 105. Interest to be paid Jun 30 & Dec 30 each year starting in June of next year.
Dec. 22 Performed delivery services on account for $700.
Dec. 23 Paid office rent of 1,600 for the month of December.
Dec. 25 Purchased a Lot of land with a Fair market value of 10,000, A building with a Fair Market Value of 40,000 paying a total of $40,000 in cash for both.
Dec. 27 Submitted an order to purchase two more trucks with an estimated purchase price of $25,000 each.
Dec. 28 Paid $200 on account.
Dec. 30 Cash dividend of $3,000 was paid to stockholders. Since there is only one stockholder, there is no Declaration or Record Date for this transaction.
2. "Post the transactions in the General Ledger accounts using the ledger and chart of accounts provided."
3. Prepare an unadjusted trial balance as of December 31, 2019.
Part 2: 4. Prepare a worksheet as of December 31, 2019.
5 Journalize the adjusting entries using the following data, and post the entries to the General Ledger.
Dec. 31 a. Accrued salaries expense is $1,000.
Dec. 31 b. Depreciation for all assets is recorded using the modified Half-month Convention for depreciation.
Dec. 31 c. Prepaid Insurance for the month has expired.
Dec. 31 d. Office supplies on hand equal $100.
Dec. 31 e. Unearned Revenue that has been earned during the month of December equals $500.
Dec. 31 f. Accrued service revenue = $650.
6. Prepare an adjusted trial balance as of December 31, 2019.
7. Prepare Miller Delivery Service's Income Statement, Statement of Retained Earnings and Classified Balance Sheet for the month ended December 31, 2019.
8. Journalize the closing entries and post to the General Ledger accounts.
9. "Prepare a post- closing trial balance as of December 31, 2019."
Information related to above question is enclosed below:
Attachment:- ClassProjectforStudents.rar