K Mitchel Delivery Service completed the following transactions during December 2024 (Click the loon to view the transactions) Read the Can Requirement 1. Record each transaction in the journal. Explanations are not required (Record debits first. then credits Exclude explanations from journal entries) Dec 1 Machel Delivery Service began operations by receiving $12.000 cash and a muck with a fair value of $13,000 from Rice Machel The Business issued Machel shares of common stock in axchange for this contribution Date Accounts Deb Cred Dec 1 December 2024: More info Mitchel Delivery Service began operations by receiving $12,000 cash and a truck with a fair value of $13,000 from Rico Mitchel. The business Dec. 1 Issued Mitchel shares of common stock in exchange for this contribution Paid $450 cash for a three-month insurance policy. The policy begins December 1. Dec. 1 Dec. 4 Paid $740 cash for office supplies. Dec. 12 Performed delivery services for a customer and received $1,800 cash Completed a large delivery job, billed the customer, $3,000, and Dec. 15 received a promise to collect the $3,000 within one week. Dec. 18 Paid employee salary, $1,700 Dec. 20 Received $5,000 cash for performing delivery services Dec. 22 Collected $1,100 in advance for delivery service to be performed later Dec. 25 Collected $3,000 cash from customer on account Purchased fuel for the truck, paying $350 on account. (Credit Accounts Dec. 27 Payable) Dec. 28 Performed delivery services on account, $1,300 Dec. 29 Paid office rent, $1,700, for the month of December Dec. 30 Paid $350 on account Dec. 31 Cash dividends of $2,800 were paid to stockholders, Print Done - X s d Requirements 1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. Retained Earnings Cash plan Accounts Receivable Dividends ing Office Supplies Income Summary Prepaid Insurance Service Revenue Truck Salaries Expense Accumulated Depreciation-Truck Accounts Payable Salaries Payable Unearned Revenue Common Stock 2. Post the transactions in the T-accounts. Depreciation Expense-Truck Insurance Expense Fuel Expense Rent Expense Supplies Expense 3. Prepare an unadjusted trial balance as of December 31, 2024. 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. Accrued Salaries Expense, $1,700. b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a salvage value of $4,000. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $150. e. Unearned Revenue earned during the month, $1,000. f. Accrued Service Revenue, $850. 5. Prepare an adjusted trial balance as of December 31, 2024. Dronaro Mitchel Delivion Sonico's income.etotomont.and.etatomont.of I x are Supp Prepaid Insurance Truck Accumulated Depreciation-Truck Accounts Payable Salaries Payable Service Revenue Salaries Expense Depreciation Expense-Truck Insurance Expense Fuel Expense Unearned Revenue Common Stock 2. Post the transactions in the T-accounts. Rent Expense Supplies Expense 3. Prepare an unadjusted trial balance as of December 31, 2024. 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. Accrued Salaries Expense, $1,700. b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a salvage value of $4,000. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $150. e. Unearned Revenue earned during the month, $1,000. f. Accrued Service Revenue, $850. 5. Prepare an adjusted trial balance as of December 31, 2024. 6. Prepare Mitchel Delivery Service's income statement and statement of retained earnings 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 amount-that is, the largest expense first, the smallest expense last. 7. Journalize the closing entries and post to the T-accounts. 8. Prepare a post-closing trial balance as of December 31, 2024. ares