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 8 Assets 10 101 Cash Food Supplies Kitchen Supplies Prepaid Rent Ovens 11 140 12 145 13 150 14 175 15 175.1 Accum. Depr. - Ovens Kitchen Equipment Accum. Depr. - Kitchen Equipment 16 176 17 176.1 18 Liabilities 19 20 201 Accounts Payable Wages Payable 21 210 22 23 24 Owner's Equity 25 301 Molly Murphy, Capital Molly Murphy, Drawing 26 302 27 28 29 Bevenues Meal Delivery Revenue 30 401 31 32 Expenses 34 501 33 Food Supply Expense Wage Expense Rent Expense 35 511 36 521 37 531 Kitchen Supply Expense Phone Expense Utilities Expense 38 541 39 542 40 561 Depr. Expense - Ovens Depr. Expense - Kitchen Equipment 41 562 42 M N following transactions took place during December, 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 wil be paid for in January, with no interest. Molly paid rent for December and January, $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 utaities bill, $500 Molly Murphy withdrew cash for personal use, $3,000. 4P Adjustment Infor mation for the end of December 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) December 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 eamed, but not yet paid at end of December, $950. Reguired Excel sheets to be used in completing the problem are: General Journal, General Ledger, Worksheet, Financial Statements Enter the December transactions in the General Journal. 2 Post the entries to the General Ledger. Beginning account balances are provided in the Gestal Ledger B 3 Prepare the trial balance on the Worksheet. 0 4 Journalize the adjusting entries to the General Journal 2 5 Complete the Worksheet. 3 4 6 Post the adjusting entries to the General Ledger. 5 6 7 Prepare the Income Statement 07 08 8 Prepare the Statement of Owner's Equity 10 9 Prepare the Balance Sheet 11 Journalize the closing entries to the General Journal 12 10 13 Posting the closing entries to the General Ledger 14 11 15 16 12 Prepare a Post-Closing Trial Balance. a MOLLY'S MEAL DELIVERY SERVICE GENERAL JOURNAL p. 1 POST REF DATE DESCRIPTION DEBIT CREDIT 12/1/20xx Account Accounm S Entries are regired ou ae eponaible for poviing the dale acautsams descron of e ay Post Refernce Value Mccount Number Debt ve and Ced ve or 1es KXX Descnpton of Etry 10 11 12 13 ADJUSTING ENTRES 63 p.5 Adustng Entries are Regired 68 edale, account Post Refece Vue (Account Nunte Deb V or al e 71 4 Cosing enries are reged You a pons bie lor providng the bl Vave and Cedt V fral 4e Post Relence Vabe unt Ne acount names, desctpton of the any CLOSING ENTRIES MOLLY'S MEAL DELIVERY SERVICE GENERAL LEDGER 4 ACCOUNT: Cash ACCOUNT NO: 101 BALANCE POST REF. DATE ITEM DEBIT CREDIT DEBIT CREDIT 7 Beg Balance $23.775 Ending Cash Balance after all entries are recorded should $45,175.00 10 You are responsible for the date, descriplon, post referance, Transaction Debit or Credit"and updating the ending balance for each general ledger account 11 12 13 14 15 16 17 18 20 21 22 23 ACCOUNT: Food Supplies ACCOUNT NO: 140 24 BALANCE POST 25 DATE REF. ITEM DEBIT CREDIT DEBIT CREDIT 26 Beg Balance 27 $2,100 28 29 30 31 32 33 ACCOUNT: Kitchen Supplies ACCOUNT NO: 145 BALANCE POST as DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT 36 Beg Balance $1,200 39 40 41 ACCOUNT: Prepaid Rent ACCOUNT NO: 150 42 BALANCE POST REF. 41 DATE ITEM DEBIT CREDIT 44 Beg Balance DEBIT CREDIT 45 46 .CCOUNT: Ovens ACCOUNT NO: 175 BALANCE POST REF. DATE ITEM DEBIT CREDIT DEBIT CREDIT eg Balance $12,600 ACCOUNT: Accum. Depr. Ovens ACCOUNT NO: 175.1 BALANCE POST DATE REF. DEBIT CREDIT DEBIT CREDIT Beg Balance $11,600 ACCOUNT: Kitchen Equipment ACCOUNT NO: 176 BALANCE POST DATE REF. DEBIT DEBIT CREDIT CREDIT Beg Balance $3,600 ACCOUNT: Accum. Depr. - Kitchen Equipment ACCOUNT NO: 176.1 BALANCE POST REF. DATE TEM DEBIT CREDIT DEBIT CREDIT Beg Balance $3.000 o ACCOUNT: Accounts Payable ACCOUNT NO: 201 Ending Accounts Payable Balance after all entries are BALANCE recorded should $11,500.00 POST DATE DEBIT ITEM REP DEBIT CREDIT CREDIT 3 Beg Balance $700 ACCOUT. ACCOUNT NO: 210 ACCOUNT: Wages Payable BALANCE POST DEBIT CREDIT DEBIT CREDIT REF. DATE $0 Beg Balance ACCOUNT: Molly Murhpy, Capital ACCOUNT NO: 301 BALANCE POST ITEM DATE REF. DEBIT CREDIT CREDIT DEBIT 1 Beg Balance $7,375 7 03 06 07 08 ACCOUNT: Molly Murphy, Drawing ACCOUNT NO: 302 09 BALANCE POST 110 DATE DEBIT ITEM REF. CREDIT DEBIT CREDIT 111 Beg Balance 112 $0 113 114 115 116 117 ACCOUNT: Income Summary ACCOUNT NO: 310 118 BALANCE POST 119 120 Beg Balance DATE DEBIT REF. CREDIT DEBIT CREDIT $0 121 122 123 124 125 126 127 ACCOUNT: Meal Delivery Revenue ACCOUNT NO: 401 128 BALANCE POST 129 130 Beg Balance DATE M REF DEBIT CREDIT DEBIT CREDIT $126,000 131 132 1aa Food Supply Expense ACCOUNT NO: 501 ACCOUNT: BALANCE POST REF. DEBIT CREDIT DEBIT CREDIT 1 DATE 2 Beg Balance $38,000 3 4 15 6 17 ACCOUNT: Wage Expense ACCOUNT NO: 511 49 BALANCE POST 50 51 Beg Balance 52 DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT $40,000 53 54 55 56 57 58 59 ACCOUNT: Rent Expense ACCOUNT NO: 521 160 BALANCE POST 161 162 Beg Balance DATE DEBIT REF. DEBIT CREDIT CREDIT $15,000 163 164 165 166 167 168 ACCOUNT: Kitchen Supply Expense ACCOUNT NO: 531 169 BALANCE POST 170 171 Beg Balance DATE REF. DEBIT CREDIT DEBIT CREDIT $4,500 172 173 174 175 176 177 ACCOUNT: Phone Expense ACCOUNT NO: 178 541 BALANCE POST REF. 179 180 Beg Balance 181 DATE ITEM DEBIT CREDIT DEBIT $2.000 CREDIT 182 ACCOUNT: Utilities Expense ACCOUNT NO: 542 BALANCE POST DATE TM REF. DEBIT CREDIT DEBIT CREDIT 9 Beg Balance $5.200 1 2 3 4 s ACCOUNT:Depr. Expense -Ovens ACCOUNT NO: 561 96 BALANCE POST 97 DATE DEBIT REF. CREDIT DEBIT CREDIT 98 Beg Balance 99 00 $600 01 02 03 204 ACCOUNT:Depr. Expense-Kitchen Equipment ACCOUNT NO: 562 205 BALANCE POST 206 207 Beg Balance 208 209 210 DATE REF. DEBIT CREDIT DE CREDIT $100 MOLLY'S MEAL DELIVERY SERVICE WORKSHEEET TRIAL BALANCE ADJUSTMENTS DEBIT INCOME STATEMENT ADJUSTED TRIAL BALANCE CREDIT BALANCE SHEEET DEBIT ACCOUNT NAME DEBIT CREDIT CREDIT DEBIT DEBIT CREDIT CREDIT Cash Food Supplies Kitchen Supples Prepaid Rent Ovens Acoum. Depr. Ovens Kitchen Equipment Accum. Depr. - Kitchen Equipment Accounts Payable Weges Payable Molly Murphy, Capital Molly Murphy, Drawing Meal Delivery Reveue Food,Supply Expense Wage Expense Rent Expense Kitchen Supply Expense Phone Expense Utes Expense Depr. Expense-Ovens Depr. Expense Kitchen Equipment $0 TOTALS Net Incomer SP,325 $138,650 1193.150 $192,125 Check Figures MOLLY'S MEAL DELIVERY SERVICE INCOME STATEMENT COMPLETE DATE Students: You are responsible for entering the Account name and statement values to be reported. If the account name is not provided for in the statement, points will be deducted. Revenues: $ Expenses: S $ $ $ Total Expenses ONet Income MOLLY'S MEAL DELIVERY SERVICE STATEMENT OF OWNER'S EQUITY COMPLETE DATE 7 S $ $ 1 Increase/Decrease in Capital 2Molly Murphy Capital, Ending S Check: Ending Capital $45,200 3 5 MOLLY'S MEAL DELIVERY SERVICE BALANCE SHEET COMPLETE DATE Assets S $ $ B Less: Accum. Depr- Ovens S $ 1 S 3 4 Liabilities 6 7 S 8 9 50 51 52 53 Owner's Equity $ 64 65 66 67 MOLLY'S MEAL DELIVERY SERVICE POST CLOSING TRIAL BALANCE COMPLETE DATE 68 69 70 71 72 ACCOUNT ACCT NO. DEBIT BAL CREDIT BAL 73 74 75 76 77 78 79