Question

Comprehensive Problem for Chapters 1-4 Journalizing, Posting, Work Sheet, Adjusting, Closing the Financial Statemente Due Delivery Service the following during of el per 2009 Deyer D e Servis a proprietorn begee operation by from the cer .00 cash and trad e 10.000. The ve Paul Daye the pill the base Pa c ade for Prepaderne, SA for very waris for a cu c ed $700 Com a large dallvary , Wiled the customer 59,000 received to collect the $2.000 w e ek L idmployee salarys 5800 Raced S900 cash for performing del very wervices Collected $500 in advance for delivery service to be performed L Collected cash from a customer on t Perhased ful for the trud paying $100 a company Credit Accounts Payable Performed delery services on t o I Pudor 5500. This rant is met pad n a a $100 count Dwyer with $1,900 for personal use. How the trial base of Dwyer Delivery Services de Edhewe balese os 10 me w r on Jer 31, 2009,being so ther e Including those with bal . Thes e the work using the following d a y 31. 198) Aerody , SROO Depreciation , 550 4. Prepaid $150 Supplies and $100 medi c al during January Par Dune Delivery Servic e and to ity for the month anded 31, 2009 2021, age 209) other des Othe de garder by mother the largest in the expense ext. On the spot left and ides and owh equity the right, asper . Draw the light financial 5. Joumaline and power to adjusting (101) 6. Journal powdhe dosing Draw dotedan d he and all the expense s to indicate the w holesom. 205) 7. Puparea podigral balance juary 31, 2009. op 2006-2017 e d l . 776 1. Recond to the whe Key each co by ste Explain e 131-133, 1319) 2. Os the o n e in the Server Ravenue Receivable Salary Expen Supplies Depreciation Lense Ingen Der Truck PE Acred Depec BE A Payable Suppe Salary Parable o d Service Rene Pal Dwyer Capa Dwiwal come Summary The post de a ction datos cordis 70-761 Lang A ng Cyde

Answer 1

Dwyer Delivery Service Journal Enteries Trans. Particulars a. Cash a/c Dr. Delivery Truck a/c To Paul Dwyer, Capital (Capital invested) Debit in $ Credit in $ 5000 10000 15000 Dr. b. Dr. 200 Supplies a/c To Cash (Supplies in cash) 200 C. 600 Prepaid Insurance a/c Dr. To Cash (Insurance premium paid) 600 d. Dr. 700 Cash a/c To Service Revenue (Services provided) 700 e. 2000 Accounts Receivable a/c Dr. To Service Revenue (Services provided) 2000 f. Dr. 800 Salaries Expense a/c To Cash (Salaries paid) 800 Dr. 900 Cash a/c To Service Revenue (Services provided) 900 Dr. 500 Cash a/c To Unearned Service Revenue (Advance from client) 500 i. Dr. 2000 Cash a/c To Accounts Receivable (Cash from debtors) 2000 100 Fue Expense a/c Dr. To Accounts Payable (Fuel on account) 100 k. 800 Accounts Receivable a/c Dr. To Service Revenue (Services provided) 800 Dr. 500 Rent Expense a/c To Cash (Rent expensed) 500 m. Dr. 100 Accounts Payable a/c To Cash (Creditors paid) 100 n. Dr. 1900 Paul Dwyer, Withdrawals a/c To Cash (Drawings for personal use) 1900

Adjusting Enteries Trans. Particulars Salaries Expense a/c To Salaries Payable (Salary accrued) Dr. Debit in $ Credit in $ 800 800 Depreciation Expense a/c Dr. To Accumulated Depreciation - Equip (To record depreciation) 50 Dr. 150 Insurance Expense a/c To Prepaid Insurance (Insurance expensed) 150 100 Supplies Expense a/c Dr. To Supplies (Supplies expensed) 200 - 100 100 Dr. 400 Unearned Service Revenue a/c To Service Revenue (Revenue recognized) 400 Dr. Closing Enteries Date Particulars 31.1.2009 Income Summary a/c To Salaries Expense To Fuel Expense To Rent Expense To Depreciation Expense To Insurance Expense To Supplies Expense (Expense accounts closed) Debit in $ Credit in $ 2500 1600 100 500 50 150 100 Dr. 4800 31.1.2009 Service Revenue a/c To Income Summary (Revenue accounts closed) 4800 Dr. 2300 31.1.2009 Income Summary a/c To Paul Dwyer, Capital (Profits transferred) 2300 1900 31.1.2009 Paul Dwyer, Capital a/c Dr. To Paul Dwyer, Withdrawals (Withdrawals closed) 1900

Worksheet For the Month ending 31.1.2009 50 Particulars Cash Accounts Receivable Prepaid Insurance Supplies Delivery Truck Accumulated Depreciation - Truck Accounts Payable Salaries Payable Unearned Service Revenue Paul Dwyer, Capital Paul Dwyer, Withdrawals Service Revenue Salaries Expense Fuel Expense Rent Expense Depreciation Expense Insurance Expense Supplies Expense Totals Unadjusted Adjustments Adjusted Post Closing Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 5000 5000 5000 800 800 800 600 150 450 450 200 100 100 100 10000 10000 10000 50 0 800 800 800 500 400 100 100 15000 15000 15400 1900 1900 4400 400 4800 800 800 1600 100 100 500 500 50 150 150 100 100 19900 19900 1500 1500 20750 20750 16350 16350 50 4800 Statement of Income For the Month ending 31.1.2009 Service Revenue Less: Salaries Expense Fuel Expense Rent Expense Depreciation Expense Insurance Expense Supplies Expense Net Income 1600 100 500 100 2500 2300 Statement of Owner's Equity For the Month ending 31.1.2009 Paul Dwyer, Capital Net Income 15000 2300 17300 -1900 15400 Paul Dwyer, Withdrawals

Amounts in $ Amounts in $ Balance sheet As at 31.1.2009 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Supplies Amounts in $ Amounts in $ Liabilities Current Liabilities 5000 Salaries Payable 800 Unearned Service Revenue 450 100 6350 800 100 900 Non Current Assets Delivery Truck Accumulated Depreciation - Truck Total Assets 10000 -50 Owner's Equity 9950 Paul Dwyer, Capital 16300 Total Liabilities & Equity 15400 16300