x Comp4-1 (similar to) Question He More Info Requirements Milton Delivery Service completed the following transactions during Decer i (Click the icon to view the transactions.) Dividends Read the requirements as appropriate. In the following step, complete the Adjusted Trial Balance Statement and Balance Sheet columns. For the Income Statement and B (Click the icon to view the adjustment information.) a. Accrued Salaries Expense, $700. b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of five years and a salvage value of $3,600. c. Prepaid Insurance for the month has expired. d. Office supplies on hand, $400. e. Unearned Revenue earned during the month, $300. f. Accrued Service Revenue, $1,450. lections, enter a "0" on in that section of the w et by preparing the Income Accounts Receivable Office Supplies Prepaid Insurance Truck Accumulated Depreciation-Truck Accounts Payable Salaries Payable Unearned Revenue Common Stock Income Summary Service Revenue Salaries Expense Depreciation Expense Truck Insurance Expense Fuel Expense Rent Expense Supplies Expense Worksheet December 31, 20 Print Done Unadjusted Trial Balance Adjustments * - More Info X Credit Account Title Cash (1) 1,450 Debit 27,130 1,700 700 420 12,000 Dec. 1 (d) 1100 1 On Accounts Receivable Office Supplies Prepaid Insurance Truck Acc. Dep. Truck Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Service Revenue 4 12 va 2. Post the transactions in the T-accounts. 3. Prepare an unadjusted trial balance as of December 31, 2018 4. Prepare a worksheet as of December 31, 2018. 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, $700. b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a salvage value of $3,600. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $400. e. Unearned Revenue earned during the month, $300. f. Accrued Service Revenue, $1,450 6. Prepare an adjusted trial balance as of December 31, 2018 7. Prepare Milton Delivery Service's income statement and statement of retained earnings 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. 8. Journalize the closing entries and post to the T-accounts 9. Prepare a post-closing trial balance as of December 31, 2018. Milton Delivery Service began operations by receiving $23,000 cash and a truck with a fair value of $12,000 from Richard Milton. The business issued Milton shares of common stock in exchange for this contribution. Paid $420 cash for a three-month insurance policy. The policy begins December 1. Paid $700 cash for office supplies. Performed delivery services for a customer and received $2,300 cash. Completed a large delivery job, billed the customer, $3,100, and received a promise to collect the $3,100 within one week. Paid employee salary, $700. Received $3,000 cash for performing delivery services. Collected $1,300 in advance for delivery service to be performed 15 1,300 OD 35,000 2,200 18 20 22 10,100 later. 25 27 Salaries Expense Dep. Exp.Truck Collected $3,100 cash from customer on account. Purchased fuel for the truck, paying $250 on account. (Credit Accounts Payable) Performed delivery services on account, $1,700. Paid office rent, $1,300, for the month of December. Paid $250 on account. Cash dividends of $2,200 were paid to stockholders. Print Done 28 29 30 31 Choose from any list or enter any number in the input fields and then click Check Answer 20 parts remaining Check Answer x Comp4-1 (similar to) Question He More Info Requirements Milton Delivery Service completed the following transactions during Decer i (Click the icon to view the transactions.) Dividends Read the requirements as appropriate. In the following step, complete the Adjusted Trial Balance Statement and Balance Sheet columns. For the Income Statement and B (Click the icon to view the adjustment information.) a. Accrued Salaries Expense, $700. b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of five years and a salvage value of $3,600. c. Prepaid Insurance for the month has expired. d. Office supplies on hand, $400. e. Unearned Revenue earned during the month, $300. f. Accrued Service Revenue, $1,450. lections, enter a "0" on in that section of the w et by preparing the Income Accounts Receivable Office Supplies Prepaid Insurance Truck Accumulated Depreciation-Truck Accounts Payable Salaries Payable Unearned Revenue Common Stock Income Summary Service Revenue Salaries Expense Depreciation Expense Truck Insurance Expense Fuel Expense Rent Expense Supplies Expense Worksheet December 31, 20 Print Done Unadjusted Trial Balance Adjustments * - More Info X Credit Account Title Cash (1) 1,450 Debit 27,130 1,700 700 420 12,000 Dec. 1 (d) 1100 1 On Accounts Receivable Office Supplies Prepaid Insurance Truck Acc. Dep. Truck Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Service Revenue 4 12 va 2. Post the transactions in the T-accounts. 3. Prepare an unadjusted trial balance as of December 31, 2018 4. Prepare a worksheet as of December 31, 2018. 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, $700. b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a salvage value of $3,600. c. Prepaid Insurance for the month has expired. d. Office Supplies on hand, $400. e. Unearned Revenue earned during the month, $300. f. Accrued Service Revenue, $1,450 6. Prepare an adjusted trial balance as of December 31, 2018 7. Prepare Milton Delivery Service's income statement and statement of retained earnings 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. 8. Journalize the closing entries and post to the T-accounts 9. Prepare a post-closing trial balance as of December 31, 2018. Milton Delivery Service began operations by receiving $23,000 cash and a truck with a fair value of $12,000 from Richard Milton. The business issued Milton shares of common stock in exchange for this contribution. Paid $420 cash for a three-month insurance policy. The policy begins December 1. Paid $700 cash for office supplies. Performed delivery services for a customer and received $2,300 cash. Completed a large delivery job, billed the customer, $3,100, and received a promise to collect the $3,100 within one week. Paid employee salary, $700. Received $3,000 cash for performing delivery services. Collected $1,300 in advance for delivery service to be performed 15 1,300 OD 35,000 2,200 18 20 22 10,100 later. 25 27 Salaries Expense Dep. Exp.Truck Collected $3,100 cash from customer on account. Purchased fuel for the truck, paying $250 on account. (Credit Accounts Payable) Performed delivery services on account, $1,700. Paid office rent, $1,300, for the month of December. Paid $250 on account. Cash dividends of $2,200 were paid to stockholders. Print Done 28 29 30 31 Choose from any list or enter any number in the input fields and then click Check Answer 20 parts remaining Check