Rosie's Delivery Service completed the following transactions during December 2019: Date Description Began operations by receiving $6,000 cash and a truck with a fair value of $20,000 from the in Dec. 1 exchange for capital stock. Paid $600 cash for a 6-month insurance policy. The policy begins December 1. Paid $300 cash for office supplies Performed delivery services for a customer and received $800 cash. Completed a large delivery job, billed the customer, $1,500, and received a promise to collect 4 12 15 the $1,500 with in one week. 18 Paid employees salary $700 20 Received $12,000 cash for performing delivery services 22 Collected $600 in advance for delivery services to be performed later 25 Collected $1,500 cash from customer on account 27 Purchased fuel for the truck, paying $200 with a company credit card (credit Accounts Payable 28 Performed delivery services on account, $900 29 Paid office rent, $600, for the month of December 30 Paid $200 on account Cash dividends of $1,200 paid. 31 Requirements: Set up T-accounts for the following accounts: 1. Cash Dividends Retained Earnings Accounts Receivable Office Supplies Income Summary Prepaid Insurance Service Revenue Salaries Expense Truck Depreciation Expense- Truck Accumulated Depreciation - Truck Accounts Payable Insurance Expense Fuel Expense Salaries Payable Rent Expense Unearned Revenue Supplies Expense Capital Stock 2. Record each transaction in the journal. Explanations are not required 3. Post the transactions in the T-Accounts 4. Prepare a worksheet as of December 31, 2019 Journalize the adjusting entries using the following adjustment data. Post adjusting entries to the T- 5. accounts a. Accrued Salaries Expense, $700 Depreciation was recorded on the truck using the straight-line method. Assume a useful life c 5years and a salvage value of $5,000 b. Prepaid Insurance for the month has expired c. d. Office Supplies on hand, $200 e. Unearned Revenue earned during the month, $500 f. Accrued Service Revenue, $450 6. Prepare Rosie's Delivery Service income statement and statement of owner's equity for the month ended December 31, 2019, 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. Journalize the closing entries and post to the T-Accounts 7. 8. Prepare a post-closing trial balance as of December 31, 2019 9. Prepare the following ratios: Return on ASsets a. b. Current Ratio Debt-to-total assets ratio C. d. Return on Sales Ratio anous now Balance o Rosie's Delivery Service completed the following transactions during December 2019: Date Description Began operations by receiving $6,000 cash and a truck with a fair value of $20,000 from the in Dec. 1 exchange for capital stock. Paid $600 cash for a 6-month insurance policy. The policy begins December 1. Paid $300 cash for office supplies Performed delivery services for a customer and received $800 cash. Completed a large delivery job, billed the customer, $1,500, and received a promise to collect 4 12 15 the $1,500 with in one week. 18 Paid employees salary $700 20 Received $12,000 cash for performing delivery services 22 Collected $600 in advance for delivery services to be performed later 25 Collected $1,500 cash from customer on account 27 Purchased fuel for the truck, paying $200 with a company credit card (credit Accounts Payable 28 Performed delivery services on account, $900 29 Paid office rent, $600, for the month of December 30 Paid $200 on account Cash dividends of $1,200 paid. 31 Requirements: Set up T-accounts for the following accounts: 1. Cash Dividends Retained Earnings Accounts Receivable Office Supplies Income Summary Prepaid Insurance Service Revenue Salaries Expense Truck Depreciation Expense- Truck Accumulated Depreciation - Truck Accounts Payable Insurance Expense Fuel Expense Salaries Payable Rent Expense Unearned Revenue Supplies Expense Capital Stock 2. Record each transaction in the journal. Explanations are not required 3. Post the transactions in the T-Accounts 4. Prepare a worksheet as of December 31, 2019 Journalize the adjusting entries using the following adjustment data. Post adjusting entries to the T- 5. accounts a. Accrued Salaries Expense, $700 Depreciation was recorded on the truck using the straight-line method. Assume a useful life c 5years and a salvage value of $5,000 b. Prepaid Insurance for the month has expired c. d. Office Supplies on hand, $200 e. Unearned Revenue earned during the month, $500 f. Accrued Service Revenue, $450 6. Prepare Rosie's Delivery Service income statement and statement of owner's equity for the month ended December 31, 2019, 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. Journalize the closing entries and post to the T-Accounts 7. 8. Prepare a post-closing trial balance as of December 31, 2019 9. Prepare the following ratios: Return on ASsets a. b. Current Ratio Debt-to-total assets ratio C. d. Return on Sales Ratio anous now Balance o