Complete FLASH TRUCKING SERVICES WORKSHEET FOR THE MONTH ENDED DECEMBER 31, 2014
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete FLASH TRUCKING SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2014
![FLASH TRUCKING SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2014
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
No.
Aarunt Tale
Debit
Credit
Debit
Credi
Debit
Credt
Debt
Credt
Debit
Credte
100
Cash
110
Accounts Receivable
120
Notes Receivable
130
Allow ance for Bad Debts
140
Prepaid Insurance
150
Office Supplies
160
Office Equipment
165
Accumulated Depreciation - Office Equipment
170
Furnitures and Fixtures
175
Accumulated Depreciation - Furnitures and Fixtures
180
Delivery Equipment - Truok
185
Accumulated Depreciation - Delivery Equipment - Truck
210
Accounts Payable
220
Utilities Payable
230
Loan Payable
240
Unearned Delivery Income
310
Cruz, Capital
320
Cruz, Drawing
330.00
Income Summary
410.00
Delivery Income
TOTAL
510.00
Salaries Expenses
520.00
Utilities Expenses
530.00
Taxes and Licenses Expenses
540.00
Insurance Expense
550.00
Supplies Expense
560.00
Gas Expense
570.00
Bad Debts Expense](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a533b9a-06c5-4af0-8222-dd8cead82d39%2Ffb5d7425-44f5-42dd-b866-695eed2cc7f2%2F2oke3p_processed.png&w=3840&q=75)
Transcribed Image Text:FLASH TRUCKING SERVICES
WORKSHEET
FOR THE MONTH ENDED DECEMBER 31, 2014
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
No.
Aarunt Tale
Debit
Credit
Debit
Credi
Debit
Credt
Debt
Credt
Debit
Credte
100
Cash
110
Accounts Receivable
120
Notes Receivable
130
Allow ance for Bad Debts
140
Prepaid Insurance
150
Office Supplies
160
Office Equipment
165
Accumulated Depreciation - Office Equipment
170
Furnitures and Fixtures
175
Accumulated Depreciation - Furnitures and Fixtures
180
Delivery Equipment - Truok
185
Accumulated Depreciation - Delivery Equipment - Truck
210
Accounts Payable
220
Utilities Payable
230
Loan Payable
240
Unearned Delivery Income
310
Cruz, Capital
320
Cruz, Drawing
330.00
Income Summary
410.00
Delivery Income
TOTAL
510.00
Salaries Expenses
520.00
Utilities Expenses
530.00
Taxes and Licenses Expenses
540.00
Insurance Expense
550.00
Supplies Expense
560.00
Gas Expense
570.00
Bad Debts Expense
![On November 10, 2014, Flash Trucking Services started its operation with its location in Baguio City. The following are the transactions of the company for 2014.
Date
Transaction
Additional information on the accounting process:
Nov. 5 Mr. Mario Cruz invested B1,500,000 and a truck with fair market value of B1,800,000 in the business.
1.
The company uses the following Chart of Accounts found on the next worksheet.
8 Paid an annual insurance for the truck, B48,000.
2.
For t-accounts, enter numerical values with the month first before the date. (E.g., input = 12/14, output = 14-Dec)
10 Paid taxes and licenses, B5,500.
3. The company uses the expense method in recording prepayments and the income method in recording deferrals.
11 Hired an office secretary and
driver with B8,000 and B10,000 each monthly salary to start work tomorrow.
12 Called Acer Book Store to order office supplies worth #2,000.
Additional information at the end of the year.
14 Office supplies delivered by Acer Book Store was paid in cash.
1.
Office supplies has a B575 balance at the end of the year.
18 Purchased office furniture and fixtures on account, 12,000.
2.
The truck has an economic life of 15 years with an estimated salvage value of 898,700.
20 Bought office equipment for cash, #21,000.
3. Estimated doubtful accounts is 3.500.
25 Refilled fuel for #9,800.
25 Delivered cargo to La Union for Mr. Val Montero. 50% of the total service of B35,000 was received for trucking services rendered.
26 Received a call from Mr. Jose for next month's delivery service.
Dec.
1 Trucking services rendered to B2B Trading on account, B33,000.
3 Partial payment for furniture and fixtures, 86,000.
5 Received a note from B2B Trading for one-third of the account.
10 Delivered cargo to Isabela for Mr. William Jose on credit, B55,000.
10 Incurred a gas expense of B12,850 for the delivery in Isabela.
12 Paid secretary's and driver's salary for one month, #18,000.
15 Paid B3,500 for utilities.
18 Proceeds of loan from Allied Bank B500,000.
20 Mr. Cruz withdrew B50,000 for holiday personal use.
24 Remaining accounts receivable from B2B Trading was received.
24 Received utilities bill for payment on January 3, 85,000.
27 Mr. William Jose cleared his debts.
28 Received B37,500 for a delivery service for IM Architectural Firm.
29 Received remaining receivables from Mr. Val Montero.
30 Delivered B12,700 worth of goods to IM Architectural Firm.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7a533b9a-06c5-4af0-8222-dd8cead82d39%2Ffb5d7425-44f5-42dd-b866-695eed2cc7f2%2Ftnaos1s_processed.png&w=3840&q=75)
Transcribed Image Text:On November 10, 2014, Flash Trucking Services started its operation with its location in Baguio City. The following are the transactions of the company for 2014.
Date
Transaction
Additional information on the accounting process:
Nov. 5 Mr. Mario Cruz invested B1,500,000 and a truck with fair market value of B1,800,000 in the business.
1.
The company uses the following Chart of Accounts found on the next worksheet.
8 Paid an annual insurance for the truck, B48,000.
2.
For t-accounts, enter numerical values with the month first before the date. (E.g., input = 12/14, output = 14-Dec)
10 Paid taxes and licenses, B5,500.
3. The company uses the expense method in recording prepayments and the income method in recording deferrals.
11 Hired an office secretary and
driver with B8,000 and B10,000 each monthly salary to start work tomorrow.
12 Called Acer Book Store to order office supplies worth #2,000.
Additional information at the end of the year.
14 Office supplies delivered by Acer Book Store was paid in cash.
1.
Office supplies has a B575 balance at the end of the year.
18 Purchased office furniture and fixtures on account, 12,000.
2.
The truck has an economic life of 15 years with an estimated salvage value of 898,700.
20 Bought office equipment for cash, #21,000.
3. Estimated doubtful accounts is 3.500.
25 Refilled fuel for #9,800.
25 Delivered cargo to La Union for Mr. Val Montero. 50% of the total service of B35,000 was received for trucking services rendered.
26 Received a call from Mr. Jose for next month's delivery service.
Dec.
1 Trucking services rendered to B2B Trading on account, B33,000.
3 Partial payment for furniture and fixtures, 86,000.
5 Received a note from B2B Trading for one-third of the account.
10 Delivered cargo to Isabela for Mr. William Jose on credit, B55,000.
10 Incurred a gas expense of B12,850 for the delivery in Isabela.
12 Paid secretary's and driver's salary for one month, #18,000.
15 Paid B3,500 for utilities.
18 Proceeds of loan from Allied Bank B500,000.
20 Mr. Cruz withdrew B50,000 for holiday personal use.
24 Remaining accounts receivable from B2B Trading was received.
24 Received utilities bill for payment on January 3, 85,000.
27 Mr. William Jose cleared his debts.
28 Received B37,500 for a delivery service for IM Architectural Firm.
29 Received remaining receivables from Mr. Val Montero.
30 Delivered B12,700 worth of goods to IM Architectural Firm.
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