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2018 closing balance is 21500

This comprehensive problem is a continuation of Comprehensive Problem 1. Murphy Delivery Service has completed closing entries and the accounting cycle for 2018 . The business is now ready to record January 2019 transactions. Jan. 3 Collected 5200 cash from customer on account. 5 Purchased office rupplies on account, $1,000. 12. Performed delivery services for a customer and received 53,000 cash. 15 Paid employee salary, including the amount owed on December 31, 54,100. 18: Pefformed delivery services on account, 51,350. 20 . Paid 5300 on account. 24 Purchased fuel for the truck, paying 5200 cash. 27. Completed the remaining work due for Unearned Revenue. 28 Paid office rent, $2,200, for the month of January. 30 Collected $3,000 in advance for delivery service to be performed tatec. 31 Murphy withdrew cash of 51,500 7. Prepare Murphy Delivery Service's income statement and statement of owner's equity for the month ended January 31. 2019 , and the classified balance sheet on that date. On the income statement. list expenses in decreasing order by amount-that is, the largest expense first. the smallest expense last. 8. Calculate the following ratios as of January 31, 2019, for Murphy Delivery Service: return on assets, debt ratio, and curfentratio. Requirements 1. Record each January transaction in the joumal. Explanations are not required. 2. Post the transactions in the T-accounts. Don't forget to use the December 31, 2018, ending balances as appropriate. 3. Prepare an unadjusted trial balance as of January 31, 2019. 4. Prepare a worksheet as of January 31, 2019 (optional) 5. Joumalize 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 Otfice Supplies on hand, $600 b. Accrued Service Revenue, $1,800. c. Accrued Salaries Expense, $500. d. Prepaid insurance for the month has expired e. Depreciation was recorded on the truck for the month. 6. Prepare an adusted trial balance as of sanuary 31,2019 7. Prepare Murphy Delvery Service's income statement and statement of owner's equity for the month ended January 31,2019 and the classified balance sheet on that date. On the income statement, list expenses in cecreasing order Dy amount - that is, the larpest expense firsti the smallest expense last 8. Calculate the following ratios as of January 31:2019 for Murphy Delvery Semce return on assets debt ratio, and current ratio. This comprehensive problem is a continuation of Comprehensive Problem 1. Murphy Delivery Service has completed closing entries and the accounting cycle for 2018 . The business is now ready to record January 2019 transactions. Jan. 3 Collected 5200 cash from customer on account. 5 Purchased office rupplies on account, $1,000. 12. Performed delivery services for a customer and received 53,000 cash. 15 Paid employee salary, including the amount owed on December 31, 54,100. 18: Pefformed delivery services on account, 51,350. 20 . Paid 5300 on account. 24 Purchased fuel for the truck, paying 5200 cash. 27. Completed the remaining work due for Unearned Revenue. 28 Paid office rent, $2,200, for the month of January. 30 Collected $3,000 in advance for delivery service to be performed tatec. 31 Murphy withdrew cash of 51,500 7. Prepare Murphy Delivery Service's income statement and statement of owner's equity for the month ended January 31. 2019 , and the classified balance sheet on that date. On the income statement. list expenses in decreasing order by amount-that is, the largest expense first. the smallest expense last. 8. Calculate the following ratios as of January 31, 2019, for Murphy Delivery Service: return on assets, debt ratio, and curfentratio. Requirements 1. Record each January transaction in the joumal. Explanations are not required. 2. Post the transactions in the T-accounts. Don't forget to use the December 31, 2018, ending balances as appropriate. 3. Prepare an unadjusted trial balance as of January 31, 2019. 4. Prepare a worksheet as of January 31, 2019 (optional) 5. Joumalize 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 Otfice Supplies on hand, $600 b. Accrued Service Revenue, $1,800. c. Accrued Salaries Expense, $500. d. Prepaid insurance for the month has expired e. Depreciation was recorded on the truck for the month. 6. Prepare an adusted trial balance as of sanuary 31,2019 7. Prepare Murphy Delvery Service's income statement and statement of owner's equity for the month ended January 31,2019 and the classified balance sheet on that date. On the income statement, list expenses in cecreasing order Dy amount - that is, the larpest expense firsti the smallest expense last 8. Calculate the following ratios as of January 31:2019 for Murphy Delvery Semce return on assets debt ratio, and current ratio