Instruction: Solve the following cases on a separate sheet. Neatly show your solutions and for each requirement. Journalizing, Posting, Worksheet, Adjusting, Closing the Financial Statements Matthews Delivery Service completed the following transactions during its first month of operations for January 2020: a. Matthews Delivery Service began operations by receiving $6,000 cash and a truck valued at P11,000. The business gave Matthews capital to acquire these assets. b. Paid P300 cash for supplies. c. Prepaid insurance, P700. d. Performed delivery services for a customer and received P800 cash. e. Completed a large delivery job, billed the customer P1,500, and received a promise to collect the P1,500 within one week. f. Paid employee salary, P700. g. Received P12,000 cash for performing delivery services. h. Collected P600 in advance for delivery service to be performed later. 1. Collected P1,500 cash from a customer on account. J. Purchased fuel for the truck, paying P200 with a company credit card. (Credit Accounts payable) k. Performed delivery services on account, P900. I. Paid office rent, P600. This rent is not paid in advance. m. Paid P200 on account. n. Owner withdrew cash of P2,100. Requirements 1. Record each transaction in the journal. Key each transaction by its letter. Explanations are not required. 2. Post the transactions that you recorded in Requirement 1 in the T-accounts. Cash Accounts receivable Supplies Service revenue Salary expense Depreciation expense Prepaid insurance Delivery truck Accumulated depreciation Accounts payable Salary payable Unearned service revenue Matthews, capital Insurance expense Fuel expense Rent expense Supplies expense Matthews, drawing Income summary e. Completed a large delivery job, billed the customer P1,500, and received a promise to collect the P1,500 within one week. f. Paid employee salary, P700. g. Received P12,000 cash for performing delivery services. h. Collected P600 in advance for delivery service to be performed later. 1. Collected P1,500 cash from a customer on account. J. Purchased fuel for the truck, paying P200 with a company credit card. (Credit Accounts payable) k. Performed delivery services on account, P900. 1. Paid office rent, P600. This rent is not paid in advance. m. Paid P200 on account. n. Owner withdrew cash of P2,100. Requirements 1. Record each transaction in the journal. Key each transaction by its letter. Explanations are not required. 2. Post the transactions that you recorded in Requirement 1 in the T-accounts. Cash Accounts receivable Supplies Service revenue Salary expense Depreciation expense Insurance expense Prepaid insurance Delivery truck Accumulated depreciation Accounts payable Salary payable Unearned service revenue Matthews, capital Matthews, drawing Income summary Fuel expense Rent expense Supplies expense 3. Enter the trial balance in the worksheet for the month ended January 31, 2020. Complete the worksheet using the adjustment data given at January 31. a. Accrued salary expense, P700. b. Depreciation expense, P60. c. Prepaid insurance expired, P250. d. Supplies on hand, P200. e. Unearned service revenue earned during January, P500. 4. Prepare Matthews Delivery Service's income statement and statement of owner's equity for the month ended January 31, 2020, 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. 5. Journalize and post the adjusting entries beginning with a. 6. Journalize and post the closing entries. 7. Prepare a post-closing trial balance at January 31, 2020