Molly's Meal Delivery Service

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

101 Cash

140 Food Supplies

145 Kitchen Supplies

150 Prepaid Rent

175 Ovens

175.1 Accum. Depr. - Ovens

176 Kitchen Equipment

176.1 Accum. Depr. - Kitchen Equipment

Liabilities

201 Accounts Payable

210 Wages Payable

Owner's Equity

301 Molly Murphy, Capital

302 Molly Murphy, Drawing

Revenues

401 Meal Delivery Revenue

Expenses

501 Food Supply Expense

511 Wage Expense

521 Rent Expense

531 Kitchen Supply Expense

541 Phone Expense

542 Utilities Expense

561 Depr. Expense - Ovens

562 Depr. Expense - Kitchen Equipment

The following transactions took place during November, 20XX

1 Molly invested cash in business, $20,000.

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

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

5 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.

7 Deposited meal delivery fees, $3,400

10 Paid wages to kitchen workers, $2,000.

11 Purchased kitchen supplies with cash, $500.

14 Deposited meal delivery fees, $3,000.

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

21 Deposited meal delivery fees, $3,200.

24 Paid wages to kitchen workers, $2,050.

28 Deposited meal delivery fees, $3,050

30 Paid phone bill, $200.

30 Paid utilities bill, $500.

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

Adjustment information for the end of November is provided below.

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

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

(c) November rent was used.

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

(e) Wages earned, but not yet paid at end of November, $950.

Required:

Excel sheets to be used in completing the problem are:General Journal, General Ledger, Worksheet, Financial Statements

1 Enter the November transactions in the General Journal.

2 Post the entries to the General Ledger.Beginning account balances are provided in the General Ledger.

3 Prepare the trial balance on the Worksheet.

4 Journalize the adjusting entries to the General Journal.

5 Complete the Worksheet.

5 Post the adjusting entries to the General Ledger.

6 Prepare the Income Statement, Year-to-Date November 30, 20XX (You are preparing the financial statements for the 11 months ending).

7 Prepare the Statement of Owner's Equity, Year-to-Date, November 30, 20XX

8 Prepare the Balance Sheet as of November 30, 20XX

9 Journalize the closing entries to the General Journal. (You are closing all temporary account balances (Income Statement) to prepare for December)

10 Posting the closing entries to the General Ledger.

11 Prepare a Post-Closing Trial Balance.

MOLLY'S MEAL DELIVERY SERVICE

GENERAL JOURNAL

p. 1

DATE DESCRIPTION POST REF DEBIT CREDIT

11/1/20XX

11/1/20XX

11/1/20XX

11/4/20XX

11/7/20XX

11/10/20XX

11/11/20XX

11/14/20XX

11/15/20XX

11/21/20XX

11/24/20XX

11/28/20XX

11/30/20XX

11/30/20XX

11/30/20XX

ADJUSTING ENTRIES p. 2

11/30/20XX

11/30/20XX

11/30/20XX

11/30/20XX

11/30/20XX

CLOSING ENTRIES p. 3

11/30/20XX

11/30/20XX

MOLLY'S MEAL DELIVERY SERVICE

GENERAL LEDGER

ACCOUNT: Cash ACCOUNT NO: 101

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $23,775

1-Nov J1

1-Nov J1

7-Nov J1

10-Nov J1

11-Nov J1

14-Nov J1

21-Nov J1

24-Nov J1

28-Nov J1

30-Nov J1

30-Nov J1

30-Nov J1

ACCOUNT: Food Supplies ACCOUNT NO: 140

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $2,100

4-Nov

15-Nov

30-Nov Adjusting

ACCOUNT: Kitchen Supplies ACCOUNT NO: 145

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $1,200

11-Nov

30-Nov Adjusting

ACCOUNT: Prepaid Rent ACCOUNT NO: 150

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $0

1-Nov

30-Nov Adjusting

ACCOUNT: Ovens ACCOUNT NO: 175

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $12,600

5-Nov J1

ACCOUNT: Accum. Depr. - Ovens ACCOUNT NO: 175.1

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $11,600

30-Nov Adjusting J2

ACCOUNT: Kitchen Equipment ACCOUNT NO: 176

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $3,600

ACCOUNT: Accum. Depr. - Kitchen Equipment ACCOUNT NO: 176.1

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $3,000

ACCOUNT: Accounts Payable ACCOUNT NO: 201

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $700

1-Nov J1

4-Jan J1

15-Nov J1

ACCOUNT: Wages Payable ACCOUNT NO: 210

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $0

30-Nov Adjusting J2

ACCOUNT: Molly Murhpy, Capital ACCOUNT NO: 301

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $7,375

1-Nov J1

30-Nov Closing J3

30-Nov Closing J3

ACCOUNT: Molly Murphy, Drawing ACCOUNT NO: 302

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $0

30-Nov J1

30-Nov Closing J3

ACCOUNT: Income Summary ACCOUNT NO: 310

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $0

30-Nov Closing J3

30-Nov Closing J3

30-Nov Closing J3

ACCOUNT: Meal Delivery Revenue ACCOUNT NO: 401

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $126,000

7-Nov J1

14-Nov J1

21-Nov J1

28-Nov J1

30-Nov Closing J3

ACCOUNT: Food Supply Expense ACCOUNT NO: 501

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $38,000

30-Nov Adjusting J2

30-Nov Closing J3

ACCOUNT: Wage Expense ACCOUNT NO: 511

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $40,000

10-Nov J1

24-Nov J1

30-Nov Adjusting J2

30-Nov Closing J3

ACCOUNT: Rent Expense ACCOUNT NO: 521

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $15,000

30-Nov Adjusting J2

30-Nov Closing J3

ACCOUNT: Kitchen Supply Expense ACCOUNT NO: 531

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $4,500

30-Nov Adjusting J2

30-Nov Closing J3

ACCOUNT: Phone Expense ACCOUNT NO: 541

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $2,000

30-Nov J1

30-Nov Closing J3

ACCOUNT: Utilities Expense ACCOUNT NO: 542

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $5,200

30-Nov J1

30-Nov Closing J3

ACCOUNT: Depr. Expense - Ovens ACCOUNT NO: 561

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $600

30-Nov Adjusting J2

30-Nov Closing J3

ACCOUNT: Depr. Expense - Kitchen Equipment ACCOUNT NO: 562

BALANCE

DATE ITEM POST REF. DEBIT CREDIT DEBIT CREDIT

Beg Balance $100

30-Nov Closing J3

MOLLY'S MEAL DELIVERY SERVICE

WORKSHEEET

TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEEET

ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

Cash

Food Supplies a

Kitchen Supplies b

Prepaid Rent c

Ovens

Accum. Depr. - Ovens d

Kitchen Equipment

Accum. Depr. - Kitchen Equipment

Accounts Payable

Wages Payable e

Molly Murphy, Capital

Molly Murphy, Drawing

Meal Delivery Reveue

Food Supply Expense a

Wage Expense e

Rent Expense c

Kitchen Supply Expense b

Phone Expense

Utilities Expense

Depr. Expense - Ovens d

Depr. Expense - Kitchen Equipment

TOTALS $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Income

$0 $0

*Check Figures: Trial Balance Debits & Credits = $192,125

Adjusted Trial Balance Debits & Credits= $7,675

Income Statement Debits before Net Income = $117,825

Balance Sheet Credits before Net Income = $54,500

MOLLY'S MEAL DELIVERY SERVICE

INCOME STATEMENT

Year-to-Date as of November 30, 20XX

Revenues:

Expenses:

Total Expenses $0

Net Income $0 Check Figure - Net Income $20,825

MOLLY'S MEAL DELIVERY SERVICE

STATEMENT OF OWNER'S EQUITY

Year-to-Date as of November 30, 20XX

Molly Murphy Capital, 12/1/20XX

Investments during the period

Increase/Decrease in Capital $0

$0

MOLLY'S MEAL DELIVERY SERVICE

BALANCE SHEET

November 30, 20XX

Assets

Total Current Assets $0

$0

Total Assets $0 Check Figure:Total Assets $57,650

Liabilities

$0

Owner's Equity

$

$0

MOLLY'S MEAL DELIVERY SERVICE

POST CLOSING TRIAL BALANCE

November 30, 20XX

ACCOUNT ACCT NO. DEBIT BAL CREDIT BAL

$0 $0 Check Figure = Credit Column $72,325