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Molly's Meal Delivery service has been in business for seven years. The Chart of Accounts is below. They provide home-cooked meals for corporate events as

Molly's Meal Delivery service has been in business for seven years. The Chart of Accounts is below. They provide "home-cooked" meals for corporate events as well as individual needs Molly's operates with a December 31, 20XX financial year-end.

Chart of Accounts
Assets
101Cash
140Food Supplies
145Kitchen Supplies
150Prepaid Rent
175Ovens
175.1Accum. Depr. - Ovens
176Kitchen Equipment
176.1Accum. Depr. - Kitchen Equipment
Liabilities
201Accounts Payable
210Wages Payable
Owner's Equity
301Molly Murphy, Capital
302Molly Murphy, Drawing
Revenues
401Meal Delivery Revenue
Expenses
501Food Supply Expense
511Wage Expense
521Rent Expense
531Kitchen Supply Expense
541Phone Expense
542Utilities Expense
561Depr. Expense - Ovens
562Depr. Expense - Kitchen Equipment

The following transactions took place during November, 20XX

Molly invested cash in business, $20,000

Purchased (2) new ovens on account for $6,300. The ovens have estimated useful lives of 7 years. The ovens will be paid for in January, with no interest.

Molly paid rent for November and December, $3,000 total

Purchased food supplies from Sammy's Super Market on account, $2,000

Deposited meal delivery fees, $3,400

Paid wages to kitchen workers, $2,000

Purchased kitchen supplies with cash, $500

Deposited meal delivery fees, $3,000

Purchased food supplies from Sammy's Super Market on account, $2,500

Deposited meal delivery fees, $3,200

Paid wages to kitchen workers, $2,050

Deposited meal delivery fees, $3,050

Paid phone bill, $200

Paid utilities bill, $500

Molly Murphy withdrew cash for personal use, $3,000

Adjustment information for the end of November is provided below.

Food supplies remaining on hand, $2050. Beginning balance was $2100.

Kitchen supplies used during the month, $600. Beginning balance was $1200.

November rent was used.

Depreciation on the kitchen ovens for November, $75. All other ovens and kitchen equipment were fully depreciated earlier in the year.

Wages earned, but not yet paid at end of November, $950

Journalize the adjusting entries to the General Journal.

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Answer Solution Income summary account Date Particulars Amount Date Particular Amount 30 Nov Meal delivery revenue 12650 30 Nov Wages 5000 30 Nov Phon... blur-text-image

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