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Requirements: Record all necessary journal entries for the December transactions. Note: Not all transactions in December require a journal entry. If no entry is required,
Requirements:
Record all necessary journal entries for the December transactions. Note: Not all transactions in
December require a journal entry. If no entry is required, you may choose to simply omit the
transaction, or you may choose to record the date of the transaction and write NO ENTRY" in the
space where the accounts & amounts would normally be written.
Post the journal entries to the TAccounts.
Prepare an Unadjusted Trial Balance as of December
Record the adjusting entries as of December Additional information necessary for
adjusting entries is below:
a Accrued Salaries for the last two weeks in December, $ will be paid in January.
b The prepaid insurance policy began on December
c Office Supplies on hand are $
d The Note Payable on December has an interest rate of Interest and principle are due
in years.
e Weekly deliveries made to Liyam Hemmensworth in the month of December totaling
$ have not been invoiced.
Post the adjusting entries to the TAccounts. Note: You will be adding to the Taccounts you created
in Step
Prepare an Adjusted Trial Balance as of December
Prepare the income statement and statement of stockholders' equity for the month ended
December Prepare the classified balance sheet as of December
Record the closing entries as of December
Post the closing entries to the TAccounts. Note: You will be adding to the Taccounts you created in
Step and updated in Step
Prepare a PostClosing Trial Balance as of December
COMPREHENSIVE PROBLEM Completing the Accounting Cycle Chapters
Murfee Delivery Service is a delivery service company that delivers anything to anyone anywhere. The
company intends to stand out due to its strict confidentiality policy forbidding any disclosure of its
customers' personal information, for a profit or otherwise. The company also adds, as part of its robust
confidentiality policy, it will never poke fun or humiliate its customers for the ridiculous, and sometimes
even embarrassing, items they choose to have delivered. Murfee Delivery Service began operations on
December
The following transactions occurred during the month of December:
Dec Sold $ of common stock to Eddie Murfee, the founder of the company.
Dec Purchased a $ delivery van by signing a note, agreeing to repay principle and interest in
years. The van was purchased from Eddie's cousin's boyfriend, Christopher Farleigh. The van
was in great condition, especially considering that Christopher lived in the van down by the river
for a short period of time while he was looking for an apartment.
Dec Paid $ in advance for a sixmonth general liability insurance policy from Ned Ryerson
Insurance Group.
Dec Hired delivery drivers, Clark Griswold and Van Wilder. Surprisingly, both drivers passed their
drug tests and background checks, and they were able to begin working immediately.
Dec Purchased $ of office supplies from Dunder Mifflin Office Supply Store on account.
Dec Delivered a "Get Well" Deluxe Wellness Kit to Ferris Bueller and received $ cash.
Dec Delivered cases of wine for the annual Catalina Wine Mixer in California. Willis Ferrill was
billed $ on account for services rendered.
Dec Paid employee salaries to Clark and Van totaling $
Dec Received $ payment for services from Owen Wilzen for delivering wedding gifts to
couples.
Dec Collected $ in advance from Billy Muree to have Punxsutawney Phil delivered from his
home in Calabasas, California, to Punxsutawney, Pennsylvania, in time for a special appearance
on February
Dec Collected $ from Willis Ferrill for the December delivery.
Dec Received a bill for $ from Frankenstein Electric Company for December utilities, due on
January
Dec Paid office rent, $ to the property manager, Jim Halpert, for December and January Rent.
Dec Paid $ to Frankenstein Electric Company for the bill received on December
Dec Paid cash dividends of $ to stockholders.
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