Date December 2020 Particulars Post Ref Amount $ Dr Amount $ Cr 1 Cash - Dr Motor Vehicle -Dr To Capital 180000 250000 430000 2 Office Supplies -Dr To Cash 19000 19000 3 Prepaid Insurance To Cash 28000 28000 4 Cash- Dr To Delivery Service Income 5500 5500 5 Notes Receivable - Dr To Delivery Service Income 35500 35500 6 Salaries -Dr To Cash 65700 65700 7 Cash- Dr To Delivery Service Income 15000 15000 8 Cash- Dr ToAdvance for Delivery Service 12000 12000 9 Cash -Dr To Notes Receivable 35500 35500 10 Fu2el Exps -Dr To Accounts Payable 29800 29800 11 Accounts Receivable Cash- Dr To Delivery Service 4500 4500 12 Office Rent- Dr Prepaid Rent- Dr To Cash 7083 77917 85000 13 Accounts Payable -Dr To Cash 20800 20800 14 Drawing -Dr To Cash 15300 15300 During the period January to December 2020 the company completed the following transactions: Kay’s Delivery Service began operations by receiving $180,000 cash and a truck valued at $250,000. The business gave Kay capital to acquire these assets. Paid $19,000 cash for supplies. Prepaid insurance, $28,000. Performed delivery services for a customer and received $5,500 cash. Completed a large delivery job, billed the customer $35,500, and received a promise to collect the $35,500 within three (3) months. Paid employees salary, $65,700. Received $15,000 cash for performing delivery services. Collected $12,000 in advance for delivery service to be performed later. Collected $35,500 cash from a customer on account. Purchased fuel for the truck, paying $29,800 with a company credit card. (Credit Accounts payable) Performed delivery services on account, $4,500. Paid office rent, $85,000 for the year. Paid $20,800 on account relating to fuel purchased. Owner withdrew cash of $15,300. 'Required: Post the transactions from the table above to the T accounts as per the company’s accounts as provided. Prepare the unadjusted trail balance for the year ended December 31, 2020, based on the info already presented. Account names to be used: Cash Service revenue Accounts receivable Salary expense Supplies Depreciation expense Prepaid Insurance Insurance expense Delivery truck Fuel expense Accumulated depreciation Rent expense Accounts payable Supplies expense Salary payable Income summary Unearned service revenue Kay’s Capital Kay’s Drawing

Date December 2020 Particulars Post Ref Amount $ Dr Amount $ Cr 1 Cash - Dr Motor Vehicle -Dr To Capital 180000 250000 430000 2 Office Supplies -Dr To Cash 19000 19000 3 Prepaid Insurance To Cash 28000 28000 4 Cash- Dr To Delivery Service Income 5500 5500 5 Notes Receivable - Dr To Delivery Service Income 35500 35500 6 Salaries -Dr To Cash 65700 65700 7 Cash- Dr To Delivery Service Income 15000 15000 8 Cash- Dr ToAdvance for Delivery Service 12000 12000 9 Cash -Dr To Notes Receivable 35500 35500 10 Fu2el Exps -Dr To Accounts Payable 29800 29800 11 Accounts Receivable Cash- Dr To Delivery Service 4500 4500 12 Office Rent- Dr Prepaid Rent- Dr To Cash 7083 77917 85000 13 Accounts Payable -Dr To Cash 20800 20800 14 Drawing -Dr To Cash 15300 15300 During the period January to December 2020 the company completed the following transactions: Kay’s Delivery Service began operations by receiving $180,000 cash and a truck valued at $250,000. The business gave Kay capital to acquire these assets. Paid $19,000 cash for supplies. Prepaid insurance, $28,000. Performed delivery services for a customer and received $5,500 cash. Completed a large delivery job, billed the customer $35,500, and received a promise to collect the $35,500 within three (3) months. Paid employees salary, $65,700. Received $15,000 cash for performing delivery services. Collected $12,000 in advance for delivery service to be performed later. Collected $35,500 cash from a customer on account. Purchased fuel for the truck, paying $29,800 with a company credit card. (Credit Accounts payable) Performed delivery services on account, $4,500. Paid office rent, $85,000 for the year. Paid $20,800 on account relating to fuel purchased. Owner withdrew cash of $15,300. 'Required: Post the transactions from the table above to the T accounts as per the company’s accounts as provided. Prepare the unadjusted trail balance for the year ended December 31, 2020, based on the info already presented. Account names to be used: Cash Service revenue Accounts receivable Salary expense Supplies Depreciation expense Prepaid Insurance Insurance expense Delivery truck Fuel expense Accumulated depreciation Rent expense Accounts payable Supplies expense Salary payable Income summary Unearned service revenue Kay’s Capital Kay’s Drawing

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Date December 2020	Particulars	Post Ref	Amount $ Dr	Amount $ Cr
1	Cash - Dr Motor Vehicle -Dr To Capital		180000 250000	430000
2	Office Supplies -Dr To Cash		19000	19000
3	Prepaid Insurance To Cash		28000	28000
4	Cash- Dr To Delivery Service Income		5500	5500
5	Notes Receivable - Dr To Delivery Service Income		35500	35500
6	Salaries -Dr To Cash		65700	65700
7	Cash- Dr To Delivery Service Income		15000	15000
8	Cash- Dr ToAdvance for Delivery Service		12000	12000
9	Cash -Dr To Notes Receivable		35500	35500


10	Fu2el Exps -Dr To Accounts Payable	29800	29800
11	Accounts Receivable Cash- Dr To Delivery Service	4500	4500
12	Office Rent- Dr Prepaid Rent- Dr To Cash	7083 77917	85000
13	Accounts Payable -Dr To Cash	20800	20800
14	Drawing -Dr To Cash	15300	15300

During the period January to December 2020 the company completed the following transactions:

Kay’s Delivery Service began operations by receiving $180,000 cash and a truck valued at $250,000. The business gave Kay capital to acquire these assets.
Paid $19,000 cash for supplies.
Prepaid insurance, $28,000.
Performed delivery services for a customer and received $5,500 cash.
Completed a large delivery job, billed the customer $35,500, and received a promise to collect the $35,500 within three (3) months.
Paid employees salary, $65,700.
Received $15,000 cash for performing delivery services.
Collected $12,000 in advance for delivery service to be performed later.
Collected $35,500 cash from a customer on account.
Purchased fuel for the truck, paying $29,800 with a company credit card. (Credit Accounts payable)
Performed delivery services on account, $4,500.
Paid office rent, $85,000 for the year.
Paid $20,800 on account relating to fuel purchased.
Owner withdrew cash of $15,300.