Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Micron Delivery Service completed the following transactions during December 2 0 2 4 : ( Click the icon to view the transactions. ) Read the

Micron Delivery Service completed the following transactions during December 2024:
(Click the icon to view the transactions.)
Read the requirements.
Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.)
Dec. 1: Micron Delivery Service began operations by receiving $16,000 cash and a truck with a fair value of $18,000 from Richard Micron. The business issued Micron shares of common stock in exchange for this contribution.
\table[[Date,Accounts,Debit,Credit],[Dec.1],[,,,],[,,,],[,,,]]
Dec. 1 Micron Delivery Service began operations by receiving $16,000 cash and a truck with a fair value of $18,000 from Richard Micron. The business issued Micron shares of common stock in exchange for this contribution.
Dec. 1 Paid $450 cash for a three-month insurance policy. The policy begins December 1.
Dec. 4 Paid $600 cash for office supplies.
Dec. 12 Performed delivery services for a customer and received $1,900 cash.
Dec. 15 Completed a large delivery job, billed the customer, $2,700, and received a promise to collect the $2,700 within one week.
Dec. 18 Paid employee salary, $1,500.
Dec. 20 Received $14,000 cash for performing delivery services.
Dec. 22 Collected $1,300 in advance for delivery service to be performed later.
Dec. 25 Collected $2,700 cash from customer on account.
Dec. 27 Purchased fuel for the truck, paying $200 on account. (Credit Accounts Payable)
Dec. 28 Performed delivery services on account, $1,300.
Dec. 29 Paid office rent, $1,700, for the month of December.
Ask my instructor
Dec. 30 Paid $200 on account.
Dec. 31 Cash dividends of $2,400 were paid to stockholders.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

7 How can research performance be measured?

Answered: 1 week ago