Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mitchel Delivery Service completed the following transactions during December 2018: The following are the requirements for the questions that I need help with. Dec 1

Mitchel Delivery Service completed the following transactions during December 2018:

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

The following are the requirements for the questions that I need help with.

image text in transcribed

Dec 1 Mitchel Delivery Service began operations by receiving $22,000 cash and a truck with a fair value of $12,000 from Reggie Mitchel. The business issued Mitchel shares of common stock in exchange for this contribution. 1 Paid $1,800 cash for a twelve-month insurance policy. The policy begins December 1 Paid $650 cash for office supplies Performed delivery services for a customer and received $1,500 cash 4 12 15 18 20 22 Completed a large delivery job, billed the customer, $2,000, and received a promise to collect the $2,000 within one week. Paid employee salary, $1,400 Received $12,000 cash for performing delivery services Collected $1,600 in advance for delivery service to be performed later 25 Collected $2,000 cash from customer on account 27 Purchased fuel for the truck, paying $400 on account. (Credit 28 29 30 31 Accounts Payable) Performed delivery services on account, $1,700 Paid office rent, $1,700, for the month of December Paid $400 on account. Cash dividends of $2,400 were paid to stockholders

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Development Of Accounting And Auditing Systems In China

Authors: Xu-Dong Ji

1st Edition

0415792886, 978-0415792882

More Books

Students also viewed these Accounting questions