Accounting Eportfolio Assignment

4/6/2016
Student:SpencerDavis
Date:4/6/16
AcctgCycleProblemonMALSpencerDavis
Instructor:ShaunaHatfield
Assignment:AcctgCycleProblemon
Course:ACCT1110Spring2016MWF
MAL
@9(1)
https://xlitemprod.pearsoncmg.com/api/v1/print/accounting
1/23
4/6/2016
1. MitchelDeliveryServicecompletedthefollowingtransactionsduringDecember2016:
3
(Clicktheicontoviewthetransactions.)
Readtherequirements 4 .
Requirement1.Recordeachtransactioninthejournal.Explanationsarenotrequired.(Recorddebitsfirst,then
credits.Excludeexplanationsfromjournalentries.)
Dec.1:MitchelDeliveryServicebeganoperationsbyreceiving$4,000cashandatruckwithafairvalueof
$18,000fromRadley Mitchel.ThebusinessgaveMitchelcapitalinexchangeforthiscontribution.
Date
Accounts
Debit
Credit
Dec.1
Cash
4,000
Truck
18,000
22,000
Mitchel,Capital
Dec.1:Paid$1,350cashforaninemonthinsurancepolicy.ThepolicybeginsDecember1.
Date
Dec.1
Accounts
PrepaidInsurance
Debit
Credit
1,350
1,350
Cash
Dec.4:Paid$750cashforofficesupplies.
Date
Dec.4
Accounts
OfficeSupplies
Debit
Credit
750
750
Cash
Dec.12:Performeddeliveryservicesforacustomerandreceived$2,500cash.
Date
Dec.12
Accounts
Cash
ServiceRevenue
Debit
Credit
2,500
2,500
Dec.15:Completedalargedeliveryjob,billedthecustomer,$2,800,andreceivedapromisetocollectthe
$2,800withinoneweek.
2/23
4/6/2016
Date
Dec.15
Accounts
AccountsReceivable
Debit
Credit
2,800
2,800
ServiceRevenue
Dec.18:Paidemployeesalary,$1,500.
Date
Dec.18
Accounts
SalariesExpense
Debit
Credit
1,500
1,500
Cash
Dec.20:Received$3,000cashforperformingdeliveryservices.
Date
Dec.20
Accounts
Cash
Debit
Credit
3,000
3,000
ServiceRevenue
Dec.22:Collected$1,900inadvancefordeliveryservicetobeperformedlater.
Date
Dec.22
Accounts
Cash
Debit
Credit
1,900
1,900
UnearnedRevenue
Dec.25:Collected$2,800cashfromcustomeronaccount.
Date
Dec.25
Accounts
Cash
AccountsReceivable
Debit
Credit
2,800
2,800
Dec.27:Purchasedfuelforthetruck,paying$250onaccount.(CreditAccountsPayable)
3/23
4/6/2016
Date
Dec.27
Accounts
Debit
FuelExpense
Credit
250
250
AccountsPayable
Dec.28:Performeddeliveryservicesonaccount,$1,300.
Date
Dec.28
Accounts
Debit
AccountsReceivable
Credit
1,300
1,300
ServiceRevenue
Dec.29:Paidofficerent,$1,400,forthemonthofDecember.
Date
Dec.29
Accounts
Debit
RentExpense
Credit
1,400
1,400
Cash
Dec.30:Paid$250onaccount.
Date
Dec.30
Accounts
Debit
AccountsPayable
Credit
250
250
Cash
Dec.31:Mitchelwithdrewcashof$2,100.
Date
Dec.31
Accounts
Debit
Mitchel,Withdrawals
Credit
2,100
2,100
Cash
PostthetransactionstotheTaccounts.Usethetransactiondatesaspostingreferences.Usea"Bal."posting
referencetoshowtheendingbalanceofeachaccount.Foranyaccountswithazerobalance,selectthe"Bal."
postingreferenceandentera"0"onthenormalsideoftheaccount.
Reviewthejournalentriesyoupreparedabove.
Cash
Dec.1
4,000
1,350 Dec.1
Dec.30
AccountsPayable
250
250 Dec.27
ServiceRevenue
2,500 Dec.12
4/23
4/6/2016
Dec.1
4,000
1,350 Dec.1
Dec.12
2,500
750 Dec.4
Dec.20
3,000
1,500 Dec.18
Dec.22
1,900
1,400 Dec.29
Dec.25
2,800
250 Dec.30
2,100 Dec.31
6,850
Bal.
Dec.30
2,800
Dec.28
1,300
Bal.
1,300
Bal.
Bal.
Bal.
2,800 Dec.15
0 Bal.
3,000 Dec.20
1,300 Dec.28
0 Bal.
UnearnedRevenue
1,900 Dec.22

1,900 Bal.
9,600 Bal.
SalariesExpense
Dec.18
Bal.
Mitchel,Capital
1,500
1,500
DepreciationExpenseTruck
22,000 Dec.1
750
Bal.
22,000 Bal.
Mitchel,Withdrawals
1,350
Dec.31
1,350
Bal.
2,100
2,100
Bal.
IncomeSummary
FuelExpense
18,000
Dec.27
18,000
Bal.
InsuranceExpense
Truck
750
Dec.1
2,500 Dec.12
PrepaidInsurance
2,800 Dec.25
Dec.1
OfficeSupplies
Dec.4
250 Dec.27
SalariesPayable
AccountsReceivable
Dec.15
250
250
250
AccumulatedDepreciationTruck
RentExpense
Dec.29
0 Bal.
Bal.
1,400
1,400
SuppliesExpense
5/23
4/6/2016
Bal.
Requirement3.PrepareanunadjustedtrialbalanceasofDecember31,2016.(Excludeanyaccountswithazero
balancefromthetrialbalance.)
ReviewtheTaccountsyoupreparedinRequirement1.
MitchelDeliveryService
UnadjustedTrialBalance
December31,2016
Balance
AccountTitle
Debit
Cash
AccountsReceivable
OfficeSupplies
PrepaidInsurance
Truck
Credit
6,850
1,300
750
1,350
18,000
UnearnedRevenue
Mitchel,Capital
22,000
2,100
9,600
1,500
FuelExpense
250
RentExpense
1,400
Mitchel,Withdrawals
ServiceRevenue
SalariesExpense
1,900
$ 33,500 $ 33,500
Total
Requirement4.Journalizetheadjustingentriesusingtheadjustmentdata.Postadjustingentriestothe
Taccounts.
Beginbypreparingtheadjustingentries.(Recorddebitsfirst,thencredits.Excludeexplanationsfromjournal
entries.)
a.AccruedSalariesExpense,$1,500.
Date
Dec.31
Accounts
SalariesExpense
Adj.(a)
SalariesPayable
Debit
Credit
1,500
1,500
b.Depreciationwasrecordedonthetruckusingthestraightlinemethod.Assumeausefullifeoffiveyearsanda
salvagevalueof$9,000.
6/23
4/6/2016
Date
Dec.31
Accounts
Debit
Adj.(b)
Credit
150
150
c.PrepaidInsuranceforthemonthhasexpired.
Date
Dec.31
Accounts
Debit
InsuranceExpense
Adj.(c)
Credit
150
150
PrepaidInsurance
d.Officesuppliesonhand,$450.
Date
Accounts
Debit
Credit
Dec.31
SuppliesExpense
300
Adj.(d)
OfficeSupplies
300
e.UnearnedRevenueearnedduringthemonth,$400.
Date
Dec.31
Accounts
Debit
UnearnedRevenue
Adj.(e)
Credit
400
400
ServiceRevenue
f.AccruedServiceRevenue,$950.
Date
Dec.31
Accounts
Debit
AccountsReceivable
Adj.(f)
ServiceRevenue
Credit
950
950
PosttheadjustingentriestotheTaccounts.Theunadjustedbalancesoftheaccounts("Bal.")havebeenentered
foryou.Usetheadjustmentandcorrespondinglettersaspostingreferences "Adj.(a)","Adj.(b)",etc.Usea
"Bal."postingreferenceonthelastlineofeachTaccounttoshowtheadjustedbalanceofeachaccount.Forany
accountswithazerobalance,selectthe"Bal."postingreferenceandentera"0"onthenormalsideoftheaccount.
Reviewtheadjustingjournalentriesyoupreparedabove.
Cash
AccountsPayable
ServiceRevenue
7/23
4/6/2016
Bal.
6,850
0 Bal.
400 Adj.(e)
6,850
0 Bal.
950 Adj.(f)
0 Bal.
1,500 Adj.(a)
1,500 Bal.
Bal.
SalariesPayable
AccountsReceivable
Bal.
Adj.(f)
Bal.
UnearnedRevenue
1,300
Adj.(e)
950
2,250
OfficeSupplies
Bal.
Bal.
750
450
Bal.
1,350
150 Adj.(c)
Bal.
Adj.(a)
1,500
Bal.
3,000
22,000 Bal.

22,000 Bal.
Bal.
Adj.(b)
150
Bal.
150
Mitchel,Withdrawals
Bal.
1,200
Bal.
2,100
Bal.
Adj.(c)
150
2,100
Bal.
150
IncomeSummary
FuelExpense
18,000
Bal.
18,000
Bal.
InsuranceExpense
Truck
1,500 Bal.
1,500
Bal.
Bal.
PrepaidInsurance
1,900 Bal.
10,950 Bal.
SalariesExpense
Mitchel,Capital
300 Adj.(d)
Bal.
400
9,600 Bal.
250
250
RentExpense
0 Bal.
Bal.
150 Adj.(b)
150 Bal.
Bal.
1,400
1,400
SuppliesExpense
Bal.
Adj.(d)
300
8/23
4/6/2016
Adj.(d)
300
Bal.
300
Requirement5.PrepareanadjustedtrialbalanceasofDecember31,2016.(Excludeanyzerobalanceaccounts
fromtheadjustedtrialbalance.)
AdjustedTrialBalance
December31,2016
Balance
AccountTitle
Cash
Debit
$
AccountsReceivable
OfficeSupplies
PrepaidInsurance
Truck
Credit
6,850
2,250
450
1,200
18,000
SalariesPayable
1,500
UnearnedRevenue
1,500
Mitchel,Capital
22,000
2,100
10,950
3,000
150
InsuranceExpense
150
FuelExpense
250
RentExpense
1,400
300
Mitchel,Withdrawals
ServiceRevenue
SalariesExpense
SuppliesExpense
Total
36,100 $
150
36,100
Requirement6.PrepareMitchelDeliveryService'sincomestatementandstatementofowner'sequityforthe
monthendedDecember31,2016,andtheclassifiedbalancesheetonthatdate.Ontheincomestatement,list
expensesindecreasingorderbyamountthatis,thelargestexpensefirst,thesmallestexpenselast.
Beginbypreparingtheincomestatement.Listexpensesindecreasingorderbyamountthatis,thelargest
expensefirst,thesmallestexpenselast.
ReviewtheAdjustedTrialBalancecompletedinRequirement5.
9/23
4/6/2016
IncomeStatement
MonthEndedDecember31,2016
Revenues:
ServiceRevenue
Expenses:
SalariesExpense
RentExpense
SuppliesExpense
300
FuelExpense
250
150
InsuranceExpense
150
TotalExpenses
NetIncome(Loss)
10,950
3,000
1,400
5,250
5,700
Preparethestatementofowner'sequity.Enteranyincreasesincapitalpriortothesubtotalandanydecreasesto
capitalbelowthesubtotal.(Entera"0"foranyzerobalances.Useaminussignorparenthesestoshowadecrease
inretainedearnings.)
StatementofOwner'sEquity
Mitchel,Capital,December1,2016
Ownercontribution
0
22,000
5,700
Netincomeforthemonth
(2,100)
Ownerwithdrawal
27,700
25,600
PrepareMitchelDeliveryService'sclassifiedbalancesheetonDecember31,2016.(Excludeanyzerobalance
accountsfromthebalancesheet.)
10/23
4/6/2016
BalanceSheet
December31,2016
Assets
CurrentAssets:
Cash
6,850
OfficeSupplies
PrepaidInsurance
1,200
PrepaidInsurance
1,200
TotalCurrentAssets
450
PlantAssets:
Truck
Less: AccumulatedDepreciationTruck
TotalPlantAssets
10,750
18,000
(150)
TotalAssets
17,850
28,600
Liabilities
CurrentLiabilities:
SalariesPayable
UnearnedRevenue
1,500
1,500
TotalLiabilities
3,000
Owner'sEquity
Mitchel,Capital
25,600
TotalLiabilitiesandOwner'sEquity
28,600
Requirement7.JournalizetheclosingentriesandposttotheTaccounts.
Beginbyjournalizingtheclosingentries.(Recorddebitsfirst,thencredits.Excludeexplanationsfromjournal
entries.)
Startbyclosingrevenues.
Date
Dec.31
Accounts
ServiceRevenue
Clos.(1)
IncomeSummary
Debit
Credit
10,950
10,950
Closeexpensesfortheperiod.
11/23
4/6/2016
Date
Dec.31
Accounts
IncomeSummary
Debit
Credit
5,250
Clos.(2)
SalariesExpense
3,000
150
InsuranceExpense
150
FuelExpense
250
RentExpense
1,400
SuppliesExpense
300
CloseIncomeSummary.
Date
Dec.31
Accounts
IncomeSummary
Clos.(3)
Debit
Credit
5,700
5,700
Mitchel,Capital
Closewithdrawals.
Date
Dec.31
Accounts
Mitchel,Capital
Clos.(4)
Mitchel,Withdrawals
Debit
Credit
2,100
2,100
PosttheclosingentriestotheTaccounts.Use"Clos."andthecorrespondingnumberasshowninthejournalentry
aspostingreferences "Clos.(1)","Clos.(2)",etc.Theadjustedbalanceofeachaccounthasbeenenteredforyou.
Postanyclosingentriestotheaccountsandthencalculatethepostclosingbalance("Bal.")ofeachaccount
(includingthosethatwerenotclosed).Foranyaccountswithazerobalanceafterclosing,entera"0"onthe
normalsideoftheaccount.ForIncomeSummary,calculateandenterthebalance("Bal.")beforepostingtheentry
tocloseouttheaccount.PosttheentrytocloseIncomeSummaryaccountonthesamelineasyouenteredthe
balancepriortoclosing(thesecondline)andthenshowthepostclosingbalance("Bal.")onthelast(third)lineof
theaccount.
Reviewtheclosingjournalentriesyoupreparedabove.
12/23
4/6/2016
Cash
AccountsPayable
ServiceRevenue
Bal.
6,850
0 Bal.
Clos.(1)
10,950
10,950 Bal.
Bal.
6,850
0 Bal.
0 Bal.
1,500 Bal.
1,500 Bal.
SalariesPayable
AccountsReceivable
UnearnedRevenue
SalariesExpense
Bal.
2,250
1,500 Bal.
Bal.
3,000
Bal.
2,250
1,500 Bal.
Bal.
OfficeSupplies
Mitchel,Capital
Bal.
450
2,100
Bal.
450
PrepaidInsurance
5,700 Clos.(3)
25,600 Bal.
1,200
Bal.
2,100
Bal.
1,200
Bal.
2,100 Clos.(4)

Bal.
150
Bal.
Bal.
150
Bal.
IncomeSummary
Bal.
18,000
Clos.(2)
5,250
Bal.
18,000
Clos.(3)
5,700
10,950 Clos.(1)
5,700 Bal.
150 Bal.
150 Bal.
FuelExpense
Bal.
250
Bal.
250 Clos.(2)

0 Bal.
150 Clos.(2)
Truck
150 Clos.(2)
InsuranceExpense
Mitchel,Withdrawals
Bal.
22,000 Bal.
3,000 Clos.(2)
RentExpense
Bal.
1,400
Bal.
1,400 Clos.(2)

SuppliesExpense
Bal.
300
Bal.
300 Clos.(2)

Requirement8.Prepareapostclosingtrialbalance.(Excludeanypermanentaccountswithazerobalancefrom
thepostclosingtrialbalance.)
13/23
4/6/2016
PostClosingTrialBalance
December31,2016
Balance
AccountTitle
Cash
Debit
$
6,850
2,250
450
1,200
18,000
AccountsReceivable
OfficeSupplies
PrepaidInsurance
Truck
Credit
SalariesPayable
1,500
UnearnedRevenue
1,500
Mitchel,Capital
25,600
Total
150
28,750 $ 28,750
1:MoreInfo
Dec.
MitchelDeliveryServicebeganoperationsbyreceiving$4,000cashandatruckwithafairvalueof
Paid$1,350cashforaninemonthinsurancepolicy.ThepolicybeginsDecember1.
Paid$750cashforofficesupplies.
12
Performeddeliveryservicesforacustomerandreceived$2,500cash.
15
Completedalargedeliveryjob,billedthecustomer,$2,800,andreceivedapromisetocollectthe
18
Paidemployeesalary,$1,500.
20
Received$3,000cashforperformingdeliveryservices.
22
Collected$1,900inadvancefordeliveryservicetobeperformedlater.
25
Collected$2,800cashfromcustomeronaccount.
27
Purchasedfuelforthetruck,paying$250onaccount.(CreditAccountsPayable)
28
Performeddeliveryservicesonaccount,$1,300.
29
Paidofficerent,$1,400,forthemonthofDecember.
30
Paid$250onaccount.
31
Mitchelwithdrewcashof$2,100.
2:Requirements
14/23
4/6/2016
1. Recordeachtransactioninthejournalusingthefollowingchartofaccounts.Explanationsarenotrequired.
Cash
Mitchel,Withdrawals
AccountsReceivable
IncomeSummary
OfficeSupplies
ServiceRevenue
PrepaidInsurance
SalariesExpense
Truck
InsuranceExpense
AccountsPayable
FuelExpense
SalariesPayable
RentExpense
UnearnedRevenue
SuppliesExpense
Mitchel,Capital
2. PostthetransactionsintheTaccounts.
3. PrepareanunadjustedtrialbalanceasofDecember31,2016.
4. Journalizetheadjustingentriesusingthefollowingadjustmentdataandalsobyreviewingthejournalentries
preparedinRequirement1.PostadjustingentriestotheTaccounts.
Adjustmentdata:
a. AccruedSalariesExpense,$1,500.
b. Depreciationwasrecordedonthetruckusingthestraightlinemethod.Assumeausefullifeof5years
andasalvagevalueof$9,000.
c. PrepaidInsuranceforthemonthhasexpired.
d. OfficeSuppliesonhand,$450.
e. UnearnedRevenueearnedduringthemonth,$400.
f.
AccruedServiceRevenue,$950.
5. PrepareanadjustedtrialbalanceasofDecember31,2016.
6. PrepareMitchelDeliveryService'sincomestatementandstatementofowner'sequityforthemonthended
December31,2016,andtheclassifiedbalancesheetonthatdate.Ontheincomestatement,listexpenses
indecreasingorderbyamountthatis,thelargestexpensefirst,thesmallestexpenselast.
7. JournalizetheclosingentriesandposttotheTaccounts.
8. PrepareapostclosingtrialbalanceasofDecember31,2016.
3:MoreInfo
15/23
4/6/2016
Dec.
MitchelDeliveryServicebeganoperationsbyreceiving$4,000cashandatruckwithafairvalueof
Paid$1,350cashforaninemonthinsurancepolicy.ThepolicybeginsDecember1.
Paid$750cashforofficesupplies.
12
Performeddeliveryservicesforacustomerandreceived$2,500cash.
15
Completedalargedeliveryjob,billedthecustomer,$2,800,andreceivedapromisetocollectthe
18
Paidemployeesalary,$1,500.
20
Received$3,000cashforperformingdeliveryservices.
22
Collected$1,900inadvancefordeliveryservicetobeperformedlater.
25
Collected$2,800cashfromcustomeronaccount.
27
Purchasedfuelforthetruck,paying$250onaccount.(CreditAccountsPayable)
28
Performeddeliveryservicesonaccount,$1,300.
29
Paidofficerent,$1,400,forthemonthofDecember.
30
Paid$250onaccount.
31
Mitchelwithdrewcashof$2,100.
4:Requirements
16/23
4/6/2016
1. Recordeachtransactioninthejournalusingthefollowingchartofaccounts.Explanationsarenotrequired.
Cash
Mitchel,Withdrawals
AccountsReceivable
IncomeSummary
OfficeSupplies
ServiceRevenue
PrepaidInsurance
SalariesExpense
Truck
InsuranceExpense
AccountsPayable
FuelExpense
SalariesPayable
RentExpense
UnearnedRevenue
SuppliesExpense
Mitchel,Capital
2. PostthetransactionsintheTaccounts.
3. PrepareanunadjustedtrialbalanceasofDecember31,2016.
4. Journalizetheadjustingentriesusingthefollowingadjustmentdataandalsobyreviewingthejournalentries
preparedinRequirement1.PostadjustingentriestotheTaccounts.
Adjustmentdata:
a. AccruedSalariesExpense,$1,500.
b. Depreciationwasrecordedonthetruckusingthestraightlinemethod.Assumeausefullifeof5years
andasalvagevalueof$9,000.
c. PrepaidInsuranceforthemonthhasexpired.
d. OfficeSuppliesonhand,$450.
e. UnearnedRevenueearnedduringthemonth,$400.
f.
AccruedServiceRevenue,$950.
5. PrepareanadjustedtrialbalanceasofDecember31,2016.
6. PrepareMitchelDeliveryService'sincomestatementandstatementofowner'sequityforthemonthended
December31,2016,andtheclassifiedbalancesheetonthatdate.Ontheincomestatement,listexpenses
indecreasingorderbyamountthatis,thelargestexpensefirst,thesmallestexpenselast.
7. JournalizetheclosingentriesandposttotheTaccounts.
8. PrepareapostclosingtrialbalanceasofDecember31,2016.
YOUANSWERED:
Date
Dec.22
Accounts
UnearnedRevenue
Debit
Credit
1900
nothing
nothing
1900
nothing
nothing
nothing
nothing
nothing
nothing
ServiceRevenue
17/23
4/6/2016
Date
Dec.30
Accounts
Debit
Cash
AccountsPayable
nothing

nothing
Credit
250
nothing
nothing
250
nothing
nothing
nothing
nothing
Cash
AccountsPayable
Dec.1
4000
1350 Dec.1
Dec.30
Dec.12
2500
750 Dec.4
Dec.20
3000
1500 Dec.18
Dec.22
1900
1400 Dec.29
Dec.25
2800
250 Dec.30
nothing
nothing
2100 Dec.31
nothing
nothing nothing nothing
nothing
nothing
nothing
nothing nothing
nothing
nothing
6850
nothing nothing
Bal.
0 nothing nothing
nothing
nothing
Bal.
250
ServiceRevenue
250 Dec.27
nothing
nothing
2500 Dec.12
nothing
nothing
nothing
2800 Dec.15
nothing
nothing
nothing
nothing
3000 Dec.20
nothing
nothing
1300 Dec.28
0 Bal.
SalariesPayable
AccountsReceivable
nothing nothing nothing nothing
UnearnedRevenue
9600 Bal.
SalariesExpense
Dec.15
2800
2800 Dec.25
nothing
nothing
1900 Dec.22
Dec.18
1500 nothing nothing
Dec.28
1300
nothing nothing
nothing
nothing
Bal.
1300
nothing nothing
nothing
nothing
Bal.
OfficeSupplies
Dec.4
nothing
Bal.
Mitchel,Capital
750
nothing nothing
nothing
nothing
nothing
nothing nothing
nothing
750
nothing nothing
nothing
nothing
Bal.
22,000 Dec.1
nothing
nothing
nothing
Bal.
22000 Bal.
0 nothing nothing
PrepaidInsurance
Dec.1
1900 Bal.
Mitchel,Withdrawals
InsuranceExpense
1350
nothing nothing
Dec.31
nothing
nothing
nothing nothing
nothing
nothing
1350
nothing nothing
Bal.
Bal.
0 nothing nothing
Truck
IncomeSummary
FuelExpense
Dec.1
18000
nothing nothing
Dec.27
250 nothing nothing
nothing
nothing
nothing nothing
nothing
18000
nothing nothing
Bal.
Bal.
250 nothing nothing
RentExpense
18/23
4/6/2016
RentExpense
nothing
nothing
nothing nothing
Dec.29
nothing
nothing
nothing nothing
nothing
nothing
nothing
Bal.
0 Bal.
SuppliesExpense
nothing
nothing
Bal.
Date
Dec.31
Accounts
Debit
SuppliesExpense
Adj.(a)
0 nothing nothing
SalariesPayable
nothing

nothing
Credit
1500
nothing
nothing
1500
nothing
nothing
nothing
nothing
Cash
Bal.
AccountsPayable
6,850
nothing nothing
nothing
nothing
nothing
nothing
nothing nothing
nothing
nothing
nothing
nothing nothing
nothing
nothing
nothing
nothing
nothing
400 Adj.(e)
nothing
nothing
950 Adj.(f)
nothing
nothing
nothing
nothing
nothing
nothing
SalariesPayable
AccountsReceivable
Bal.
Adj.(f)
Bal.
nothing
Bal.
9,600 Bal.
10950 Bal.
0 Bal.
nothing
1500 Adj.(a)
nothing
1500 Bal.
UnearnedRevenue
400
1,900 Bal.
SalariesExpense
1,300
nothing nothing
Adj.(e)
950
nothing nothing
nothing
Adj.(a)
2250
nothing nothing
nothing
nothing
Bal.
OfficeSupplies
Bal.
0 Bal.
ServiceRevenue
1500 Bal.
Mitchel,Capital
1,500 nothing nothing
750
300 Adj.(d)
nothing
nothing
nothing
nothing nothing
nothing
nothing
450
nothing nothing
nothing
nothing
nothing
22,000 Bal.
Bal.
Bal.
PrepaidInsurance
Bal.
1,350
150 Adj.(c)
Mitchel,Withdrawals
Bal.
150 Adj.(b)
150 Bal.
InsuranceExpense
Bal.
0 nothing nothing
19/23
4/6/2016
Bal.
nothing
Bal.
1,350
150 Adj.(c)
nothing
nothing nothing
nothing
Adj.(c)
150 nothing nothing
1200
nothing nothing
nothing
Bal.
150 nothing nothing
Bal.
Bal.
0 nothing nothing
Truck
IncomeSummary
FuelExpense
Bal.
18,000
nothing nothing
Bal.
nothing
nothing
nothing nothing
nothing
nothing
nothing
nothing nothing
nothing
Adj.(b)
150
nothing
nothing
nothing nothing
150
nothing nothing
Bal.
250 nothing nothing
0 Bal.
RentExpense
Bal.
nothing
nothing
SuppliesExpense
Bal.
0 nothing nothing
Adj.(d)
300 nothing nothing
Bal.
300 nothing nothing
IncomeStatement
Revenues:
ServiceRevenue
Expenses:
10950
SalariesExpense
150
InsuranceExpense
150
FuelExpense
250
RentExpense
1400
SuppliesExpense
TotalExpenses
3000
300
NetIncome(Loss)
(5250)
5700
20/23
4/6/2016
StatementofOwner'sEquity
18000
Ownercontribution
4000
Netincomeforthemonth
5700
27700
(2100)
Ownerwithdrawal
26600
BalanceSheet
December31,2016
Assets
CurrentAssets:
Cash
OfficeSupplies
PrepaidInsurance
Truck
TotalAssets
CurrentLiabilities:
6850
450
1200
18000
26500
SalariesPayable
1500
Less: UnearnedRevenue
1500
TotalLiabilities
(3000)
26500
Liabilities
CurrentLiabilities:
SalariesPayable
1500
UnearnedRevenue
1500
TotalLiabilities
3000
Owner'sEquity
Mitchel,Capital
22,000
28600
21/23
4/6/2016
Cash
AccountsPayable
ServiceRevenue
Bal.
6,850
nothing nothing
nothing
nothing
0 Bal.
Clos.(1)
10950
10,950 Bal.
Bal.
6850
nothing nothing
nothing
nothing
0 Bal.
nothing
nothing
0 Bal.
nothing
nothing
nothing
nothing
1,500 Bal.
1500 Bal.
SalariesPayable
AccountsReceivable
UnearnedRevenue
SalariesExpense
Bal.
2,250
nothing nothing
nothing
nothing
1,500 Bal.
Bal.
Bal.
2250
nothing nothing
nothing
nothing
1500 Bal.
Bal.
OfficeSupplies
Mitchel,Capital
Bal.
450
nothing nothing
nothing
2100
Bal.
450
nothing nothing
nothing
nothing
nothing
nothing
PrepaidInsurance
5700 Clos.(3)
25600 Bal.
1,200
nothing nothing
Bal.
Bal.
1200
nothing nothing
Bal.
2,100
0 nothing nothing
Bal.
150
0 nothing nothing
InsuranceExpense
2100 Clos.(4)
Bal.
0 nothing nothing
Bal.
150
0 nothing nothing
IncomeSummary
18,000
nothing nothing
Clos.(2)
5250
10950 Clos.(1)
Bal.
Bal.
18000
nothing nothing
Clos.(3)
Bal.
nothing
nothing
150 Bal.
250
250 Clos.(2)
0 nothing nothing
0 Bal.
150 Bal.
FuelExpense
Bal.
nothing
150 Clos.(2)
Truck
nothing
150 Clos.(2)
Bal.
3000 Clos.(2)
Mitchel,Withdrawals
Bal.
22,000 Bal.
3,000
RentExpense
Bal.
Bal.
1,400
1400 Clos.(2)
0 nothing nothing
SuppliesExpense
Bal.
Bal.
300
300 Clos.(2)
0 nothing nothing
22/23
4/6/2016
PostClosingTrialBalance
December31,2016
AccountTitle
Balance
Debit
Credit
Cash
6850
nothing
AccountsReceivable
2250
nothing
450
nothing
1200
nothing
18000
nothing
nothing
150
SalariesPayable
nothing
1500
UnearnedRevenue
nothing
1500
Mitchel,Capital
nothing
25600
OfficeSupplies
PrepaidInsurance
Truck
28150
28150
Total
23/23

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4/6/2016

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing nothing

1500 nothing nothing

nothing nothing nothing

nothing nothing nothing

1500 nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

2100 nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

2100 nothing nothing

250 nothing nothing

nothing nothing nothing

250 nothing nothing

1400 nothing nothing

nothing nothing nothing

1400 nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

1500 nothing nothing

3000 nothing nothing

1,500 nothing nothing

nothing nothing nothing

nothing nothing nothing

nothing nothing nothing

2,100 nothing nothing

nothing nothing nothing

150 nothing nothing

nothing nothing nothing

150 nothing nothing

2,100 nothing nothing

nothing nothing nothing

nothing nothing nothing

250 nothing nothing

1,400 nothing nothing

nothing nothing nothing

nothing nothing nothing

300 nothing nothing

300 nothing nothing

5700 nothing nothing

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