Question
Q-1 Journalizing posting to T-accounts, preparing a trial balance Steakley Delivery Service, Inc., began operations during May of the current year. In a short period
Q-1 Journalizing posting to T-accounts, preparing a trial balance Steakley Delivery Service, Inc., began operations during May of the current year. In a short period thereafter, the entity in these transactions: a. Lou Steakley, the incorporator, deposited $3,500cash in a bank account entitled Steakley Delivery Service, Inc., and also invested in the business a delivery truck valued at $8,000. The corporation issued common stock to Steakley. b. Purchased $40 fuel for the delivery truck, using a business credit card. c. Paid $100 cash for supplies. d. Completed a delivery job and received cash, $700. e. Performed delivery services on account, $3,200. f. Purchased advertising leaflets for cash, $200. g. Paid the office manager salary, $950. h. Received $1,000 cash for performing delivery services. i. Received cash from customer on account, $1,800. j. Purchased used office furniture on account, $600. k. Paid office utility bills, $120. l. Purchased $70 fuel on account for the truck. m. Completed a delivery job and received the customers promise to pay the amount due, $100, within ten days. n. Paid cash to creditor on account, $200. o. Paid $250 for repairs to the delivery truck. p. Paid office manger the salary of $950 and office rent of $250. INSTRUCTION A: Prepare journal entries B: Post to ledger accounts C: Prepare a trial balance at July 31,2020 Since Title of Accounts are not given so discuss with peers and then finalize suitable accounts.
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