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Requirements 1. Record each January transaction in the journal. Explanations are not required. 2. Post the transactions in the T-accounts. Don't forget to use the December 31, 2024, ending balances as appropriate. 3. Prepare an unadjusted trial balance as of January 31, 2025. 4. 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. Adjustment data: a. Office Supplies on hand, $180. b. Accrued Service Revenue, $3,700. C. Accrued Salaries Expense, $1,100. d. Prepaid Insurance for the month has expired. (On December 1, Munroe paid $1,035 cash for a nine-month insurance policy. The policy began December 1. On December 31 Munroe recorded $115 as an expense for the expiration of this prepaid insurance for the month of December.) e. Depreciation was recorded on the truck for the month. (On December 1, Munroe received a truck valued at $15,000 from Rico Munroe. On December 31, Munroe recorded $130 as an expense for the month of December for depreciation on the truck using the straight-line method, a useful life of 5 years, and a salvage value of $7,200.) 5. Prepare an adjusted trial balance as of January 31, 2025. 6. Prepare Munroe Delivery Service's income statement and statement of retained earnings for the month ended January 31, 2025, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amountthat is, the largest expense first, the smallest expense last 7. Calculate the following ratios as of January 31, 2025 for Munroe Delivery Service: return on assets, debt ratio, and current ratio. Print Done Reference Munroe Delivery Service Balance Sheet December 31, 2024 Assets 17265 2.550 200 920 20,935 15,000 (130) Current Assets: Cash Accounts Receivable Office Supplies Prepaid Insurance Total Current Assets Plant Assets: Truck Less: Accumulated DepreciationTruck Total Plant Assets Total Assets Liabilities Current Liabilities: Salaries Payable Unearned Revenue Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 14,870 35,805 $ $ 1.000 1,300 2,300 28,000 5,505 33,505 35,805 Print Done More info Jan. 3 Collected $800 cash from customer on account Jan. 5 Purchased office supplies on account, $500. Jan. 12 Performed delivery services for a customer and received $1,500 cash Jan. 15 Paid employee salary including the amount owed on December 31, $3,300. (The total cash paid of $3,300 includes the amount owed on December 31.) Jan. 18 Performed delivery services on account, $750. Jan. 20 Paid $200 on account. Jan. 24 Purchased fuel for the truck, paying $450 cash. Jan. 27 Completed the remaining work due for Unearned Revenue. Jan. 28 Paid office rent, $1,700, for the month of January. Jan. 30 Collected $2,600 in advance for delivery service to be performed later Jan. 31 Cash dividends of $5,000 were paid to stockholders. Print Done - X Journal entries Credit Date Jan. 3 Debit 800 800 Jan. 5 500 500 Jan. 12 1,500 1,500 Jan. 15 2,300 1.000 3,300 Jan. 18 750 750 Accounts Cash Accounts Receivable Office Supplies Accounts Payable Cash Service Revenue Salaries Expense Salaries Payable Cash Accounts Receivable Service Revenue Accounts Payable Cash Fuel Expense Cash Unearned Revenue Service Revenue Rent Expense Cash Cash Uneamed Revenue Dividends Cash Jan. 20 200 200 Jan 24 450 450 Jan. 27 1,300 1,300 Jan. 28 1,700 1,700 Jan. 30 2,600 2.600 Jan. 31 5,000 5,000 Print Done