Comprehensive Ch1- 4 (45 min)

Req. 1
Journal Entry
Accounts Debit Credit
A Cash 6,000
Truck 11,000
Matthews, Capital 17,000
B Supplies 300
Cash 300
C Prepaid Insurance 700
Cash 700
D Cash 800
Service Revenue 800
E Accounts Receivable 1,500
Service Revenue 1,500
F Salary Expense 700
Cash 700
G Cash 12,000
Service Revenue 12,000
H Cash 600
Unearned Revenue 600
I Cash 1,500
Accounts Receivable 1,500
J Fuel Expense 200
Accounts Payable 200
K Accounts Receivable 900
Service Revenue 900
L Rent Expense 600
Cash 600
M Accounts Payable 200
Cash 200
N Drawings 2,100
Cash 2,100
Req. 2
Cash Accounts receivable
A 6,000 B 300 E 1,500
D 800 C 700 K 900 I 1500
G 12,000 F 700
H 600 L 600
I 1,500 M 200
N 2,100
Jan 31 16,300 Jan. 31 900
Supplies Prepaid insurance
B 300 C 700
Jan 31 300 Jan 31 700
Delivery truck Accounts payable
11,000 M 200 J 200
Jan 31 11,000 Jan 31 0
Unearned service revenue
H 600
Jan 31 600
Matthews, capital Service revenue
A 17,000 D 800
E 1,500
G 12,000
K 900
Jan 31 17,000 Jan 31 15,200
Matthews, drawing
N 2,100
Jan 31 2,100
Salary expense Fuel expense
F 700 J 200
Jan 31 700 Jan 31 200
Rent expense
L 600
Jan 31 600
Req. 3
Matthews Delivery Service
Worksheet
Month Ended January, 31st 2012
Trial Balance Adjustment
Adjusted Trial
Balance Income Statement Balance Sheet
ACCOUNT Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 16300 $16,300 $16,300
Accounts Receivable 900 900 900
Supplies 300 (d) 100 200 200
Prepaid Insurance 700 (c) 250 450 450
Delivery Truck 11000 11,000 11,000
Accum Depreciation (b) 60 60 60
Accounts Payable 0 0
Salary Payable (a) 700 700 700
Unearned Service
Revenue
600 (e) 500 100 100
Matthews, Capital 17000 17000 17000
Matthews, Drawing 2100 2,100 2,100
Service Revenue 15200 (e) 500 15,700 15,700
Salary Expense 700 (a) 700 1,400 1,400
Depreciation Expense (b) 60 60 60
Insurance Expense (c) 250 250 250
Fuel Expense 200 200 200
Supplies Expense (d) 100 100 100
Rent Expense 600 600 600
32800 32800 1,610 1610 $33,560 $33,560 2,610 15,700 30,950 17,860
Net
Income
13,090 13,090
$15,700 $15,700 $30,950 $30,950
Req. 4
Matthews Delivery Service
Income Statement
Month Ended January, 31 2012
Revenues
Service Revenue $15,700
Expenses
Salary Expense $1,400
Depreciation Expense $60
Insurance Expense $250
Supplies Expense $100
Rent Expense 600
Fuel Expense 200
Total Expense 2610
Net Income $13,090
Matthews Delivery Service
Statement of Owners Equity
Month Ended January, 31 2012
Matthew, Capital January 1, 2012 $17,000
Net Income 13,090
30,090
Drawing (2100)
Matthew, Capital January 31, 2012 $27,990
Matthews Delivery Service
Balance Sheet
January 31, 2012
Assets
Cash 16300
Accounts Receivable $900
Supplies 200
Prepaid Insurance 450
Longterm Assets
Delivery Truck 11000
Less (Accum Depreciation) -60 10940
Total Assets $28,790
Liabilities
Accounts Payable 0
Salary Payable 700
Unearned Service Revenue 100
Total Liabilities 800
Matthews, Capital 27,990
Total Liabilities and Owner Equity $28,790
Req. 5
Journal Entry
Date Accounts Debit Credit
Adjusting Entries
Jan 31 A Salary Expense 700
Salary Payable 700
Jan 31 B Depreciation Expense 60
Accumulated Depreciation 60
Jan 31 C Insurance Expense 250
Prepaid Insurance 250
Jan 31 D Supplies Expense 100
Supplies 100
Jan 31 E Unearned Revenue 500
Service Revenue 500
Supplies Prepaid insurance
300 100 700 250
200 450
Accumulated depreciation Salary payable
60 700
60 700
Unearned service revenue Service revenue
600 15200
500 500
100
15,700

Salary expense Depreciation expense
700 60
700
1,400 60
Insurance expense
250
250
Supplies expense
100
100
Req. 6
Journal Entry
Date Accounts Debit Credit
Closing Entries
January 31, 2012 Service Revenue 15,700
Income Summary 15,700
Income Summary 2,610
Salary Expense 1,400
Depreciation Expense 60
Insurance Expense 250
Fuel Expense 200
Rent Expense 600
Supplies Expense 100
Income Summary 13,090
Matthews, Capital 13,090
Matthews, Capital 2100
Matthews, Drawing 2100
Matthews, drawing Service revenue
2100 2,100 15,700 15700
0 0

Matthews, capital Income summary
2100 27990 2610 15700
13090 13090
38980 0
Salary expense Depreciation expense
1400 1400 60 60
0 0
Insurance expense
250 250
0
Req. 7
Matthews, Delivery Service
Post Closing Trial Balance
January 31, 2012
Account Debit Credit
Cash $16,300
Accounts Receivable 900
Supplies 200
Prepaid Insurance 450
Truck 11,000
Accumulated Depreciation $60
Unearned Service Revenue 100
Salary Payable 700
Matthews, Capital 27,990
$28,850 $28,850