FINANCIAL ACCOUNTING - THE IMPACT ON DECISION MAKERS; Edition 10e; Porter & Norten PROBLEM 3-12, PAGE 132 (ADAPTED) BLUE JAY DELIVERY SERVICE, INC. PART 1 Use the JAN 1 BTB (BEGINNING TRIAL BALANCE) to fill in the 1-Jan BB for each GENERAL LEDGER account. PART 2 Prepare GENERAL JOURNAL ENTRIES (GJEs) for the JANUARY TRANSACTIONS below. Use the accompanying Excel spreadsheet labeled General Journal. JANUARY TRANSACTIONS Jan 2: Issued 100,000 shares of common stock for $100,000 cash. Jan 3: Purchased a warehouse and land for $80,000 cash. The land is valued at $20,000 and the warehouse is valued at $60,000. Jan 4: Borrowed $50,000 cash on a 3-year promissory note to Third State Bank. Jan 6: Purchased five new delivery trucks for a total of $45,000 cash. Jan 31: Performed delivery services in January totaling $15,900. $8,410 was received in cash. The other $7,490 was on account. Jan 31: Purchased $3,230 in fuel and lubricant on account during January. PART 3 Post the GENERAL JOURNAL ENTRIES (GJEs) to the GENERAL LEDGER accounts. Use the Excel spreadsheet labeled General Ledger. PART 4 Calculate the UNADJUSTED BALANCE (UAB) for each GENERAL LEDGER account. PART 5 Prepare an UNADJUSTED TRIAL BALANCE (ATB) for January 31. PART 6 Use the information below to prepare the January 31 ADJUSTING JOURNAL ENTRIES (AJEs). AJE 1 January DEPRECIATION EXPENSE is $ 750 for the DILIVERY TRUCKS and $167 for the WAREHOUSE BUILDING AJE 2 Accrued INTEREST EXPENSE for January was $417. Accrued interest payments are due every January 1 and July 1, until the principle is repaid. AJE 3 INCOME TAX EXPENSE is 30% of the PRE-TAX INCOME amount. PART 7 Post the ADJUSTING JOURNAL ENTRIES (AJES) to the GENERAL LEDGER accounts. PART 8 Calculate the ADJUSTED BALANCE (AB) for each GENERAL LEDGER account. PART 9 Prepare an ADJUSTED TRIAL BALANCE (ATB) for January 31. PART 10 Use the ADJUSTED BALANCES to prepare a multi-step INCOME STATEMENT for the month ending January 31, 20XX. BLUE JAY DELIVERY SERVICE, INC. INCOME STATEMENT FOR MONTH ENDING JANUARY 31, 20XX PART 11 Prepare a CLOSING JOURNAL ENTRY (CJE) for the month ending January 31, 20 PART 12 Post the CLOSING JOURNAL ENTRY (CJE) to the GENERAL LEDGER accounts. PART 13 Calculate the POST CLOSING BALANCE (PCB) for each GENERAL LEDGER accou PART 14 Prepare a POST CLOSING TRIAL BALANCE (PCTB) for January 31. PART 15 Prepare a STATEMENT OF RETAINED EARNINGS for the month ending January 20XX. Note that January is the first month of OPERATIONS and DIVIDENDS we not paid during January. BLUE JAY DELIVERY SERVICE, INC. STATEMENT OF RETAINED EARNINGS FOR MONTH ENDING JANUARY 31, 20XX PART 16 Prepare a STATEMENT OF CASH FLOWS using the direct method. BLUE JAY DELIVERY SERVICE, INC. STATEMENT OF CASH FLOWS FOR MONTH ENDING JANUARY 31, 20XX PART 17 Prepare a classified BALANCE SHEET for January 31, 20XX. BLUE JAY DELIVERY SERVICE, INC. BALANCE SHEET JANUARY 31, 20XX @ 23:59:59 FINANCIAL ACCOUNTING - THE IMPACT ON DECISION MAKERS; Edition 10e; Porter & Norten PROBLEM 3-12, PAGE 132 (ADAPTED) BLUE JAY DELIVERY SERVICE, INC. PART 1 Use the JAN 1 BTB (BEGINNING TRIAL BALANCE) to fill in the 1-Jan BB for each GENERAL LEDGER account. PART 2 Prepare GENERAL JOURNAL ENTRIES (GJEs) for the JANUARY TRANSACTIONS below. Use the accompanying Excel spreadsheet labeled General Journal. JANUARY TRANSACTIONS Jan 2: Issued 100,000 shares of common stock for $100,000 cash. Jan 3: Purchased a warehouse and land for $80,000 cash. The land is valued at $20,000 and the warehouse is valued at $60,000. Jan 4: Borrowed $50,000 cash on a 3-year promissory note to Third State Bank. Jan 6: Purchased five new delivery trucks for a total of $45,000 cash. Jan 31: Performed delivery services in January totaling $15,900. $8,410 was received in cash. The other $7,490 was on account. Jan 31: Purchased $3,230 in fuel and lubricant on account during January. PART 3 Post the GENERAL JOURNAL ENTRIES (GJEs) to the GENERAL LEDGER accounts. Use the Excel spreadsheet labeled General Ledger. PART 4 Calculate the UNADJUSTED BALANCE (UAB) for each GENERAL LEDGER account. PART 5 Prepare an UNADJUSTED TRIAL BALANCE (ATB) for January 31. PART 6 Use the information below to prepare the January 31 ADJUSTING JOURNAL ENTRIES (AJEs). AJE 1 January DEPRECIATION EXPENSE is $ 750 for the DILIVERY TRUCKS and $167 for the WAREHOUSE BUILDING AJE 2 Accrued INTEREST EXPENSE for January was $417. Accrued interest payments are due every January 1 and July 1, until the principle is repaid. AJE 3 INCOME TAX EXPENSE is 30% of the PRE-TAX INCOME amount. PART 7 Post the ADJUSTING JOURNAL ENTRIES (AJES) to the GENERAL LEDGER accounts. PART 8 Calculate the ADJUSTED BALANCE (AB) for each GENERAL LEDGER account. PART 9 Prepare an ADJUSTED TRIAL BALANCE (ATB) for January 31. PART 10 Use the ADJUSTED BALANCES to prepare a multi-step INCOME STATEMENT for the month ending January 31, 20XX. BLUE JAY DELIVERY SERVICE, INC. INCOME STATEMENT FOR MONTH ENDING JANUARY 31, 20XX PART 11 Prepare a CLOSING JOURNAL ENTRY (CJE) for the month ending January 31, 20 PART 12 Post the CLOSING JOURNAL ENTRY (CJE) to the GENERAL LEDGER accounts. PART 13 Calculate the POST CLOSING BALANCE (PCB) for each GENERAL LEDGER accou PART 14 Prepare a POST CLOSING TRIAL BALANCE (PCTB) for January 31. PART 15 Prepare a STATEMENT OF RETAINED EARNINGS for the month ending January 20XX. Note that January is the first month of OPERATIONS and DIVIDENDS we not paid during January. BLUE JAY DELIVERY SERVICE, INC. STATEMENT OF RETAINED EARNINGS FOR MONTH ENDING JANUARY 31, 20XX PART 16 Prepare a STATEMENT OF CASH FLOWS using the direct method. BLUE JAY DELIVERY SERVICE, INC. STATEMENT OF CASH FLOWS FOR MONTH ENDING JANUARY 31, 20XX PART 17 Prepare a classified BALANCE SHEET for January 31, 20XX. BLUE JAY DELIVERY SERVICE, INC. BALANCE SHEET JANUARY 31, 20XX @ 23:59:59