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Can you answer 3-4 under requirements pls Magness Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000
Can you answer 3-4 under requirements pls
Magness Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Magness. The business gave Magness capital in exchange for this contribution. Paid $1,000 cash for a four-month insurance policy. The policy begins December 1. Paid $500 cash for office supplies. Performed delivery services for a customer and received $2,000 cash. Completed a large delivery job, billed the customer, $2, 500, and received a promise to collect the $2, 500 within one week. Paid employee salary, $1,000. Received $15,000 cash for performing delivery services. Collected $800 in advance for delivery service to be performed later. Collected $2, 500 cash from customer on account. Purchased fuel for the truck, paying $300 on account. (Credit Accounts Payable) performed delivery services on account, $700. Paid office rent, $1, 600, for the month of December Paid $300 on account Magness withdrew cash of $3,000 each transaction in the journal using the following chart of accounts. Explanations are not required. Post the transaction in the T-accounts. Prepare an unadjusted trial balance as of December 31, 2016. Prepare a worksheet as of December 31, 2016. (optional) Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts Step by Step Solution
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