Comprehensive Problem. Please help. Mighty Delivery Service completed the following transactions during December 2024

Dec. 1 Mighty Delivery Service began operations by receiving $9,000 cash and a truck with a fair value of $16,000 from Rupert Mighty. The business issued Mighty capital in exchange for this contribution.

Dec. 1 Paid $800 cash for a four-month insurance policy. The policy begins December 1.

Dec. 4 Paid $400 cash for office supplies.

Dec. 12 Performed delivery services for a customer and received $1,700 cash.

Dec. 15 Completed a large delivery job, billed the customer, $3,500, and received a promise to collect the $3,500 within one week.

Dec. 18 Paid employee salary, $1,400.

Dec. 20 Received $13,000 cash for performing delivery services.

Dec. 22 Collected $1,500 in advance for delivery service to be performed later.

Dec. 25 Collected $3,500 cash from customer on account.

Dec. 27 Purchased fuel for the truck, paying $250 on account. (Credit Accounts Payable)

Dec. 28 Performed delivery services on account, $700.

Dec. 29 Paid office rent, $1,800, for the month of December.

Dec. 30 Paid $250 on account.

Dec. 31 Mighty withdrew cash of $2,800.

1.

Record each transaction in the journal using the following chart of accounts. Explanations are not required.

Cash		Mighty, Withdrawals
Accounts Receivable		Income Summary
Office Supplies		Service Revenue
Prepaid Insurance		Salaries Expense
Truck		Depreciation ExpenseTruck
Accumulated DepreciationTruck		Insurance Expense
Accounts Payable		Fuel Expense
Salaries Payable		Rent Expense
Unearned Revenue		Supplies Expense
Mighty, Capital

2.

Post the transactions in the T-accounts.

3.

Prepare an unadjusted trial balance as of December 31,2024.

4.

Prepare a worksheet as of December 31, 2024.

5.

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.	Accrued Salaries Expense, $1,400.
b.	Depreciation was recorded on the truck using the straight-line method. Assume a useful life of five years and a salvage value of $4,000.
c.	Prepaid Insurance for the month has expired.
d.	Office Supplies on hand, $100.
e.	Unearned Revenue earned during the month, $1,300.
f.	Accrued Service Revenue, $950.

6.

Prepare an adjusted trial balance as of December 31, 2024.

7.

Prepare Mighty Delivery Service's income statement and statement of owner's equity for the month ended December 31, 2024, 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.

8.

Journalize the closing entries and post to the T-accounts.

9.

Prepare a post-closing trial balance as of December 31, 2024.