Using the data/instructions included in the Acctg Cycle Data & Instruction

Accounting Cycle Problem Data & Instructions ~ Version B Accounting Cycle Problem - perform all of the steps of the accounting cycle (using the working papers provided in a separate file)! 1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. See transactions listed on page 2. Cash Accounts Receivable Office Supplies Prepaid Insurance Truck Accumulated DepreciationTruck Accounts Payable Salaries Payable Unearned Revenue Marshfield, Capital Marshfield, Withdrawals Income Summary Service Revenue Salaries Expense Depreciation ExpenseTruck Insurance Expense Fuel Expense Rent Expense Supplies Expense 2. Post the transactions in the T-accounts. 3. Prepare an unadjusted trial balance as of December 31, 2018. 4. 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. Accrued Salaries Expense, $1,100. b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a salvage value of $3,000. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $200. e. Unearned Revenue earned during the month, $600. f. Accrued Service Revenue, $850. 5. Prepare an adjusted trial balance as of December 31, 2018. 6. Prepare Marshfield Delivery Service's income statement and statement of owner's equity for the month ended December 31, 2018, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amountthat is, the largest expense first, the smallest expense last 7. Journalize the closing entries and post to the T-accounts. 8. Prepare a post-closing trial balance as of December 31, 2018. Accounting Cycle Problem Data & Instructions Version B Dec. 1 1 Marshfield Delivery Service began operations by receiving $5,000 cash and a truck with a fair value of $15,000 from Rico Marshfield. The business issued Marshfield capital in exchange for this contribution. Paid $1,800 cash for a nine-month insurance policy. The policy begins December 1. 4 Paid $700 cash for office supplies. 12 Performed delivery services for a customer and received $1,800 cash. 15 Completed a large delivery job, billed the customer, $2,800, and received a promise to collect the $2,800 within one week. 18 Paid employee salary, 51,100. 20 Received $12,000 cash for performing delivery services. 22 Collected $1,500 in advance for delivery service to be performed later. 25 Collected $2,800 cash from customer on account. 27 Purchased fuel for the truck, paying $250 on account. (Credit Accounts Payable) 28 Performed delivery services on account, $1,600. 29 Paid office rent, $1,800, for the month of December 30 Paid $250 on account. 31 Marshfield withdrew cash of $3,000. Name Journal Date GENERAL JOURNAL (All journal entries, including adjusting and closing!) Account Names Debit Journal entry explanations are not necessary! Credit Name Journal GENERAL JOURNAL Name Ledger GENERAL LEDGER (post all entries to this ledger) Accounts Receivable Cash Office Supplies Prepaid Insurance Truck Accum. Depr. - Truck Accounts Payable Salaries Payable Unearned Revenue Owner, Capital Owner, Withdrawals Income Summary Service Revenue Salaries Expense Depr. Exp. - Truck Page 3 of 10 Name Ledger GENERAL LEDGER Fuel Expense Insurance Expense Rent Expense Supplies Expense Name Trial Bal Company Name Unadjusted Trial Balance Date Account Name Debit Credit Name Trial Bal 2 Company Name Adjusted Trial Balance Date Account Name Debit Credit Name Trial Bal 3 Company Name Post-closing Trial Balance Date Account Name Debit Credit Name Fin Stmt 1 Financial Statement Titles Financial Statement Titles Financial Statement Titles