Question

Following is the November 30, 2020 unadjusted trial balance of Zenith Delivery Company, Inc. The account balances represent the results of entries recorded during the first 11 months of 2020. There have been no stock transactions during the year. Zenith Delivery Company, Inc. Unadjusted Trial Balance November 30, 2020 ACCT# DEBITS CREDITS $ 69.660 4.600 730 1.200 6,500 295,000 $ 115,000 1,300 0 0 1.600 128.000 20,000 42.000 Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance Trucks Accumulated Depreciation Trucks Accounts Payable Interest Payable Wages Payable Unearned Delivery Fees Long-Term Notes Payable Common Stock, No-Par Retained Earnings Dividends Delivery Fees Earned Depreciation Expense, Trucks Wages Expense Interest Expense Rent Expense Insurance Expense Office Supplies Expense Advertising Expense Truck Repair/Gas Expense General and Administrative Expense Income Summary 101 125 126 127 128 150 151 201 202 203 213 230 301 302 390 401 510 520 521 522 523 524 525 526 527 901 15,000 180,000 36,800 0 0 0 0 4.800 38,940 14,670 $ 487 900$ 487.900

please help me with parts 3,4,5

Answer 1

Zenith Delivery Company, Inc. Journal Enteries Trans. Particulars 1 Accounts Payable Cash (Creditors paid) Debit in $ Credit in $ 350 350 2 9200 Prepaid Insurance Cash advance insurance paid) 9200 3 90 Cash Unearned Delivery Fees (Advance from client) 90 4 6320 Cash Delivery Fees Earned (Fees earned) 6320 5 920 Supplies Accounts Payable (Supplies on credit) 920 6 42000 7400 Truck Cash Note Payable (Truck purchased) 34600 7 2200 Wages Expense Cash (Expense paid) 2200 8 2450 Cash Accounts Receivable (Cash from debtors) 2450 9 1460 Truck Repair / Gas expense Cash (Expense paid) 1460 10 1700 Advertising Expense Cash (Expense paid) 1700 11 1800 Wages Expense Cash (Expense paid) 1800 12 3900 Cash Delivery Fees Earned (Fees earned) 3900 13 1200 Cash Dividend Cash (Dividends paid) 1200

Adjusting Enteries Trans. Particulars 14 Wages Expense Wages Payable (Wages accrued) Debit in $ Credit in $ 420 420 15 1570 Supplies Expense Supplies (Supplies used) 1570 16 600 Rent Expense Prepaid Rent (Rent expired) 600 17 11630 Insurance Expense Prepaid Insurance (Insurance expired) 11630 18 27440 Depreciation Expense - Truck Accum.Depre - Truck (To record depreciation) 27440 19 1315 Unearned delivery fees Delivery Fees Earned (Fees earned) 1315 20 31000 Interest Expense Interest Payable (Interest accrued) 31000 Closing Enteries Trans. Particulars Debit in $ Credit in $ Income Summary 175030 Depreciation Expense - Truck 27440 Wages Expense 41220 Interest Expense 31000 Rent Expense 600 Insurance Expense 11630 Supplies Expense 1570 Advertising Expense 6500 Truck Repair / Gas expense 40400 General and Administrative Expense 14670 (Expense accounts closed) 191535 Delivery Fees Earned Income Summary (Revenue accounts closed) 191535 16505 Income Summary Retained Earnings (Profits transferred) 16505 16200 Retained Earnings Dividends (Dividend account closed) 16200

Worksheet For the period ending 31.12.2020 Particulars Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance Trucks Accum.Depre - Truck Accounts Payable Interest Payable Wages Payable Unearned Delivery Fees Long Term Notes Payable Common Stock - no par Retained Earnings Dividends Delivery Fees Earned Depreciation Expense - Truck Wages Expense Interest Expense Rent Expense Insurance Expense Supplies Expense Advertising Expense Truck Repair / Gas expense General and Administrative Expense Income Summary Totals Net Income Totals Unadjusted Adjustment Adjusted Income Statement Balance sheet Post Closing Acct. Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ Debit in $ Credit in $ 101 57110 57110 57110 57110 125 2150 2150 2150 2150 126 1650 1570 80 80 80 127 1200 600 600 600 600 128 15700 11630 4070 4070 4070 150 337000 337000 337000 337000 151 115000 27440 142440 142440 142440 201 1870 1870 1870 1870 202 31000 31000 31000 31000 203 90 420 510 510 510 213 1600 1315 285 285 285 230 162600 162600 162600 162600 301 20000 20000 20000 20000 302 42000 42000 42000 42305 390 16200 16200 16200 401 190220 1315 191535 191535 510 27440 27440 27440 520 40800 420 41220 41220 521 31000 31000 31000 522 600 600 600 523 11630 11630 524 1570 1570 1570 525 6500 6500 6500 526 40400 40400 40400 527 14670 14670 14670 901 0 11630 533380 533380 73975 73975 592240 592240 191535 417210 400705 401010 401010 175030 16505 16505 417210 191535 191535 417210 191535 27440 41220 31000 Statement of Income For the period ending 31.12.2020 Delivery Fees Earned Less: Depreciation Expense - Truck Wages Expense Interest Expense Rent Expense Insurance Expense Supplies Expense Advertising Expense Truck Repair / Gas expense General and Administrative Expense Net Income 600 11630 1570 6500 40400 14670 175030 16505 Statement of Retained Earnings For the period ending 31.12.2020 Beginning Balance Net Income 42000 16505 Less:Dividends 58505 - 16200 42305

Balance sheet As at 31.12.2020 Assets Current Assets Cash Accounts Receivable Office Supplies Prepaid Rent Prepaid Insurance Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Current Liabilities 57110 Accounts Payable 1870 2150 Interest Payable 31000 80 Wages Payable 510 600 Unearned Delivery Fees 285 33665 4070 64010 Non Current Liabilities Long Term Notes Payable 162600 Non Current Assets Trucks Accum.Depre - Truck Total Assets 337000 -142440 Shareholders Equity Common Stock 194560 Retained Earnings 258570 Total Liabilities & Equity 20000 42305 62305 258570