Murphy Delivery Service has completed closing entries and the accounting cycle for 2024 . The classified balance sheet on December 31, 2024 follows: (Click the icon to view the December balance sheet.) The business is now ready to record January 2025 transactions. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record each January transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 3: Collected $200 cash from customer on account. Murphy Delivery Service Balance Sheet December 31, 2024 Assets Current Assets: Cash Accounts Receivable Office Supplies Prepaid Insurance Total Current Assets Plant Assets: Truck Less: Accumulated Depreciation-Truck Total Plant Assets Total Assets Liabilities 21,5001,850450500 $24,300 9,000 (100) 8,900$33,200 Current Liabilities: Salaries Payable Unearned Revenue 8001,500 Total Liabilities 2,300 Jan. 3 Collected $200 cash from customer on account. Jan. 5 Purchased office supplies on account, $1,000. Jan. 12 Performed delivery services for a customer and received $3,000 cash. Jan. 15 Paid employee salary including the amount owed on December 31, $4,100. (The total cash paid of $4,100 includes the amount owed on December 31.) Jan. 18 Performed delivery services on account, $1,350. Jan. 20 Paid $300 on account. Jan. 24 Purchased fuel for the truck, paying $200 cash. Jan. 27 Completed the remaining work due for Unearned Revenue. Jan. 28 Paid office rent, $2,200, for the month of January. Jan. 30 Collected $3,000 in advance for delivery service to be performed later. Jan. 31 Cash dividends of $1,500 were paid to stockholders. 1. Record each January transaction in the journal. Explanations are not required. 2. Post the transactions in the T-accounts. Don't forget to use the December 31 , 2024, ending balances as appropriate. 3. Prepare an unadjusted trial balance as of January 31, 2025. 4. Prepare a worksheet as of January 31, 2025. 5. Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts. Adjustment data: a. Office Supplies on hand, $600. b. Accrued Service Revenue, $1,800. c. Accrued Salaries Expense, $500. d. Prepaid Insurance for the month has expired. (On December 1, Murphy paid $600 cash for a six-month insurance policy. The policy began December 1. On December 31 Murphy recorded $100 as an expense for the expiration of this prepaid insurance for the month of December.) e. Depreciation was recorded on the truck for the month. (On December 1 , Murphy received a truck valued at $9,000 from Russ Murphy. On December 31, Murphy recorded $100 as an expense for the month of December for depreciation on the truck using the straight-line method, a useful life of 5 years, and a salvage value of $3,000.) 6. Prepare an adjusted trial balance as of January 31, 2025. 7. Prepare Murphy Delivery Service's income statement and statement of retained earnings for the month ended January 31, 2025, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount-that is, the largest expense first, the smallest expense last. 6. Prepare an adjusted trial balance as of January 31,2025 . 7. Prepare Murphy Delivery Service's income statement and statement of retained earnings for the month ended January 31, 2025, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount - that is, the largest expense first, the smallest expense last. 8. Calculate the following ratios as of January 31,2025 for Murphy Delivery Service: return on assets, debt ratio, and current ratio. Murphy Delivery Service has completed closing entries and the accounting cycle for 2024 . The classified balance sheet on December 31, 2024 follows: (Click the icon to view the December balance sheet.) The business is now ready to record January 2025 transactions. (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record each January transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 3: Collected $200 cash from customer on account. Murphy Delivery Service Balance Sheet December 31, 2024 Assets Current Assets: Cash Accounts Receivable Office Supplies Prepaid Insurance Total Current Assets Plant Assets: Truck Less: Accumulated Depreciation-Truck Total Plant Assets Total Assets Liabilities 21,5001,850450500 $24,300 9,000 (100) 8,900$33,200 Current Liabilities: Salaries Payable Unearned Revenue 8001,500 Total Liabilities 2,300 Jan. 3 Collected $200 cash from customer on account. Jan. 5 Purchased office supplies on account, $1,000. Jan. 12 Performed delivery services for a customer and received $3,000 cash. Jan. 15 Paid employee salary including the amount owed on December 31, $4,100. (The total cash paid of $4,100 includes the amount owed on December 31.) Jan. 18 Performed delivery services on account, $1,350. Jan. 20 Paid $300 on account. Jan. 24 Purchased fuel for the truck, paying $200 cash. Jan. 27 Completed the remaining work due for Unearned Revenue. Jan. 28 Paid office rent, $2,200, for the month of January. Jan. 30 Collected $3,000 in advance for delivery service to be performed later. Jan. 31 Cash dividends of $1,500 were paid to stockholders. 1. Record each January transaction in the journal. Explanations are not required. 2. Post the transactions in the T-accounts. Don't forget to use the December 31 , 2024, ending balances as appropriate. 3. Prepare an unadjusted trial balance as of January 31, 2025. 4. Prepare a worksheet as of January 31, 2025. 5. Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts. Adjustment data: a. Office Supplies on hand, $600. b. Accrued Service Revenue, $1,800. c. Accrued Salaries Expense, $500. d. Prepaid Insurance for the month has expired. (On December 1, Murphy paid $600 cash for a six-month insurance policy. The policy began December 1. On December 31 Murphy recorded $100 as an expense for the expiration of this prepaid insurance for the month of December.) e. Depreciation was recorded on the truck for the month. (On December 1 , Murphy received a truck valued at $9,000 from Russ Murphy. On December 31, Murphy recorded $100 as an expense for the month of December for depreciation on the truck using the straight-line method, a useful life of 5 years, and a salvage value of $3,000.) 6. Prepare an adjusted trial balance as of January 31, 2025. 7. Prepare Murphy Delivery Service's income statement and statement of retained earnings for the month ended January 31, 2025, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount-that is, the largest expense first, the smallest expense last. 6. Prepare an adjusted trial balance as of January 31,2025 . 7. Prepare Murphy Delivery Service's income statement and statement of retained earnings for the month ended January 31, 2025, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount - that is, the largest expense first, the smallest expense last. 8. Calculate the following ratios as of January 31,2025 for Murphy Delivery Service: return on assets, debt ratio, and current ratio