Scan 0004

Acctg Cycle Problem on MAL-Lisa Paulin
Instructor: Shauna Hatfield

Course: ACCT 1110 Summer 201612wk. Online (1)
Student: Lisa Paulin

Date: 7/8/16
1.
Page 1 of20
Assignment:
MAL
Acctg Cycle Problem on
Manning Delivery Service completed the following transactions during December 2016:
1(Click the icon to view the transactions.)
Read the reguirements2.
Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits.
Exclude explanations from journal entries.)
Dec. 1: Manning Delivery Service began operations by receiving $30,000 cash and a truck with a fair value of $8,000 from
Ray Manning. The business gave Manning capital in exchange for this contribution.
Date
Dec. 1
Accounts
Debit
Credit
Cash
30,000
Truck
8,000
Manning,
Capital
.
. ..
38,000
Dec. 1: Paid $1,200 cash for a twelve-month insurance policy. The policy begins December 1.
Date
Dec. 1
Accounts
Debit
Credit
Prepaid Insurance
1,200
Cash
Dec. 4: Paid $600 cash for office supplies.

Accounts
Date
Dec. 4
Credit
Debit
600
Office Supplies
600
Cash
Dec. 12: Performed delivery services for a customer and received $1,700 cash.
Accounts
Date
Dec. 12
Cash
Service Revenue
Debit
Credit
1,700
1,700
Dec. 15: Completed a large delivery job, billed the customer, $2,700, and received a promise to collect the $2,700 within
one week.
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Date
Dec. 15
Page 2 of20
Accounts
Credit
Debit
Accounts Receivable
2,700
Service Revenue
2,700
Dec. 18: Paid employee salary, $1,800.

Date
Dec. 18
Accounts
Debit
Salaries Expense
Credit
1,800
Cash
1,800
Dec. 20: Received $7,000 cash for performing delivery services.

Date
Dec. 20
Accounts
Cash
Debit
'" "'II,
'"
Credit
7,000
Service Revenue
7,000
Dec. 22: Collected $1,400 in advance for delivery service to be performed later.
Accounts
Date
Dec. 22
Debit
Credit
Cash
Unearned Revenue
1,400
Dec. 25: Collected $2,700 cash from customer on account.

Accounts
Date
Dec. 25
Credit
Debit
Cash
2,700
Accounts Receivable
Dec. 27: Purchased fuel for the truck, paying $150 on account. (Credit Accounts Payable)
Accounts
Date
Dec. 27
Debit
Credit
150
Fuel Expense
150
Accounts Payable
Dec. 28: Performed delivery services on account, $1,000.
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Date
Dec. 28
Page 3 of20
Accounts
Debit
Accounts Receivable
Credit
1,000
Service Revenue
1,000
Dec. 29: Paid office rent, $1,300, for the month of December.
Date
Dec. 29
Accounts
Debit
Rent Expense
Credit
1,300
Cash
1,300
r..
Dec. 30: Paid $150 on account.

Date
Dec. 30
Accounts
Accounts Payable
Debit
Credit
150
150
Cash
Dec. 31: Manning withdrew cash of $2,700.

Accounts
Date
Dec. 31
Manning, Withdrawals
Cash
Debit
Credit
2,700
2,700
Post the transactions to the T-accounts. Use the transaction dates as posting references. Use a "8al." posting reference to
show the ending balance of each account. For any accounts with a zero balance, select the "8al." posting reference and
enter a "0" on the normal side of the account.
Review the journal entries you prepared above.
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7/8/2016
Page 4 of20

Accounts Payable
Cash
Service Revenue
30,000
1,200 Dec. 1
1,700
Dec. 12
Dec. 12
1,700
600 Dec. 4
2,700
Dec. 15
Dec. 20
7,000
1,800 Dec. 18
7,000
Dec. 20
Dec. 22
1,400
1,300 Dec. 29
1,000 Dec. 28
Dec. 25
2,700
Dec. 1
150
Salaries Payable
2,700
Bal.
12,400
35,050
Accounts Receivable
Dec. 15
2,700
Dec. 28
1,000
Bal.
1,000
1,800
Manning, Capital
Depreciation Expense-Truck
600
"""'----"'-'---"'-'-'---"'-'---"'---"'-'-*!
Bal.
Salaries Expense
1,800
Office Supplies
Dec. 4
Unearned Revenue
Bal.
,""3,""..~,"",g,",,O,",,0;...;i '~ ..~~~~..
B'""a'""I.,---",-~,---",-~----J,---",--;.......;..;.---,,----
;...;;
600
Prepaid Insurance
Dec. 1
1,200
Bal.
1,200
iBal.
-\-~~
Income Summary
Truck
Dec. 1
8,000
Bal.
8,000
Insurance Expense
~150
Bal.
150
Rent Expense
Accumulated Depreciation-Truck
Dec. 29
--,-----------\~'
Fuel Expense
1,300
OBal.
1,300
Supplies Expense
-iBal.~:"-oJ\~-
Requirement 3. Prepare an unadjusted trial balance as of December 31,2016. (Exclude any accounts with a zero balance
from the trial balance.)
Review the T-accounts you prepared in Requirement 1.
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Page 5 of20
Manning Delivery Service

Unadjusted
Trial Balance
December 31, 2016

Balance
Account
Title
Debit
Credit
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Truck
Unearned Revenue
Manning, Capital
Service Revenue
Salaries Expense
Fuel Expense
Rent Expense
_----.:1 ,_30_0_-:-:-:--::::-:-'
Total
Requirement
51,800: $
51,800
4. Journalize the adjusting entries using the adjustment data. Post adjusting entries to the T-accounts.
Begin by preparing the adjusting entries. (Record debits first, then credits. Exclude explanations from journal entries.)
a. Accrued Salaries Expense, $1,800.
Accounts
Date
Dec. 31
Credit
Debit
Salaries Expense
.................................
Adj. (a)
1,800
Salaries Payable
b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of five years and a salvage
value of $2,000.
Date
Dec. 31
Adj. (b)
Accounts
Credit
Debit
100
"l
100
c. Prepaid Insurance for the month has expired.

Date
Dec. 31
Adj. (c)
Accounts
100
Insurance Expense
100
Prepaid Insurance
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Credit
Debit
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Page 6 of20
d. Office supplies on hand, $250.

Date
Accounts
Dec. 31
Supplies Expense
Adj. (d)
Office Supplies
Debit
Credit
350
"l
350
e. Unearned Revenue earned during the month, $1,000.

Date
Dec. 31
Adj. (e)
Accounts
Debit
Unearned Revenue
Credit
1,000
Service Revenue
1,000
f. Accrued Service Revenue, $1,550.

Date
Dec. 31
Adj. (f)
Accounts
Accounts Receivable
Service Revenue
Debit
!I'
Credit
1,550
1,550
Post the adjusting entries to the T-accounts. The unadjusted balances of the accounts ("Bal.") have been entered for you.
Use the adjustment and corresponding letters as posting references-"Adj.
(a)", "Adj. (b)", etc. Use a "Bal." posting
reference on the last line of each T-account to show the adjusted balance of each account. For any accounts with a zero
balance, select the "Bal." posting reference and enter a "0" on the normal side of the account.
Review the adjusting journal entries you prepared above.
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~----------------------------
~-- ------

Cash
Payable
Service Revenue
35,050
Bal.
-~,..",-....,.~
Bal.
Page 7 0[20
Accounts
=~""""'~.-:-~ ..--'
--,-11--=----0-~-!:-:-L
--
~----'"""'"-------_+-1:-2-:--'-0~-:-:-:
_~~_)_"I
35,050
14,950 Bal.
Salaries Payable
o Ba!.
Accounts
Ba!.
1,000
Adj. (f)
1,550
Bal.
2,550
Receivable
Unearned Revenue
400 Bal.
Office Supplies
Ba!.
600
1,400 Ba!.
1,000
Adj. (e)
Salaries Expense
Bal.
1,800
Adj. (a)
1,800
Bal.
3,600
Manning, Capital
38,000 Ba!.
350
Depreciation
Bal.
Expense-Truck
0
100
Bal.
250
100
Prepaid Insurance
Ba!.
Bal.
1,200
Insurance
2,700
Expense
0
100
Bal.
Bal.
1,100
8,000
Bal.
8,000
Accumulated
100
Fuel Expense
Income Summary
Truck
Bal.
2,700
Ba!.
150
Bal.
150
Rent Expense
Depreciation-Truck
o Bal.
Bal.
1,300
Bal.
1,300
100
100
Supplies
Bal.
Requirement
Expense
Adj. (d)
350
Bal.
350
5. Prepare an adjusted trial balance as of December 31,2016. (Exclude any zero balance accounts from the
adjusted trial balance.)

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Page 80f20

Adjusted
Trial Balance
December 31,2016
Balance
Account
Title
Debit
Credit
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Truck
100
Salaries Payable
1,800
Unearned Revenue
400
Manning, Capital
Service Revenue
14,950
Salaries Expense
Insurance Expense
',',:,'::
;::::'::,,:'~
Fuel Expense
Rent Expense
Supplies Expense
Total
.$
55,250
55,250
Requirement 6. Prepare Manning Delivery Service's income statement and statement of owner's equity for the month
ended December 31,2016, and the classified balance sheet on that date. On the income statement, list expenses in
decreasing order by amount-that
is, the largest expense first, the smallest expense last.
Begin by preparing the income statement. List expenses in decreasing order by amount-that
the smallest expense last.
is, the largest expense first,
Review the Adjusted Trial Balance completed in Requirement 5.
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7/8/2016
Page 9 of20

Income Statement
Month Ended December 31,2016
Revenues:
Service Revenue
14,950
Expenses:
Salaries Expense
3,600
"II'
Rent Expense
1,300:
"II
Supplies Expense
350
Fuel Expense
Insurance Expense
5,600
Total Expenses
$
Net Income (Loss)
9,350
Prepare the statement of owner's equity. Enter any increases in capital prior to the subtotal and any decreases to capital
below the subtotal. (Enter a "0" for any zero balances. Use a minus sign or parentheses to show a decrease in retained
earnings.)
Statement
of Owner's Equity
Month Ended December 31, 2016

Manning, Capital, December 1, 2016
...........................
,""'
... ,.,''''
Owner contribution
Net income for the month
Owner withdrawal
Manning, Capital, December 31,2016
44,650;
Prepare Manning Delivery Service's classified balance sheet on December 31,2016. (Exclude any zero balance accounts
from the balance sheet.)
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Page 10 of20

Balance Sheet
December 31, 2016
Assets
Current Assets:
Cash
35,050
Accounts Receivable
2,550
Office Supplies
250.
1,100
Prepaid Insurance
Total Current Assets
38,950
Plant Assets:
Truck
Less:
8,000
(100)
7,900
Total Plant Assets
Total Assets
46,850
Liabilities
Current Liabilities:
Salaries Payable
OJ
1,800'
400
Unearned Revenue
2,200
Total Liabilities
Owner's Equity
44,650:
Manning, Capital
$
Total Liabilities and Owner's Equity
46,850
Requirement 7. Journalize the closing entries and post to the T-accounts.

Begin by journalizing the closing entries. (Record debits first, then credits. Exclude explanations from journal entries.)
Start by closing revenues.
Date
Dec. 31
Clos. (1)
Accounts
Service Revenue
Debit
Credit
14,950
14,950
Income Summary
Close expenses for the period.

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-~--
7/8/2016

Date
Dec. 31
Accounts
Income Summary
Clos. (2)
Page 11 of20
Debit
Credit
5,600
Salaries Expense
3,600
100
Insurance Expense
100
Fuel Expense
150
Rent Expense
1,300
Supplies Expense
350
Close Income Summary.

Date
Dec. 31
Accounts
Income Summary
Clos. (3)
Debit
Credit
9,350
Manning, Capital
9,350
Close withdrawals.
Date
Dec. 31
Clos. (4)
Accounts
Manning, Capital
r.n""nnir,n
Debit
Credit
2,700
Withdrawals
2,700
Post the closing entries to the T-accounts. Use "Clos." and the corresponding number as shown in the journal entry as
posting references-"Clos.(1)",
"Clos.(2)", etc. The adjusted balance of each account has been entered for you. Post any
closing entries to the accounts and then calculate the post-closing balance ("Bal.") of each account (including those that
were not closed). For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For
Income Summary, calculate and enter the balance ("Bal.") before posting the entry to close out the account. Post the entry
to close Income Summary account on the same line as you entered the balance prior to closing (the second line) and then
show the post-closing balance ("Bal.") on the last (third) line of the account.
Review the closing journal entries you prepared above.
1/printlaccounting
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Page 12 of20
Cash
Bal.
35,050
Bal.
35,050
Accounts
-------.-:,"I-
Service Revenue
Payable
.....
--'---o-B-a-I.--
_C."...I_os_.(,....1_)
__ 14_,_95_0--+-_1_4_,9_5_0_B_a_I.
__
o :Bal.
0 Bal.
Salaries Payable
-------:,1-.
-1-,8-0-0-B-a-I.-1,800 :Bal.
Accounts
Receivable
Unearned Revenue
Salaries Expense
-,....."...-------- ...
--,
...
..,.,
..
.,...,
...
-1-,-.." .-..-:-~-~-.B-Baa--I;-.
-:-aa-I;.---:-,~-55-5~,-II-,,
'-------~
..".:,....:,....1;.
__ ---3-,6-0 -0 t--....;.3_,6_0_0_C_IO_S._(2_)_
0
Office Supplies
Bal.
250.1
Bal.
250
Clos.(4)
Prepaid Insurance
2,700
Bal.
Bal.
Bal.
Bal.
100
Bal.
Insurance
100
8,000
Clos.(2)
H"
~.
,~
..
_.
.~,~~o.;
Clos.(3)
L 1~:~~0
9,350:
100 Clos.(2)
Expense
100 Clos.(2)
o '
Fuel Expense
Income Summary
"
Expense-Truck
Bal.
2,700 .-
Truck
8.0001
38,000 Bal.
Bal.
Bal.
Depreciation
Manning. Capital
.~.1~_s.:.(1)./Bal.
9,350'- .-Bal.
150
150 Clos.(2)
~~~----+------'Bal.
0,
o
Accumulated
___
~~.,.,.-
Rent Expense
Depreciation-Truck
I"""".".
,......".,,......,,.,10,,..,,0.,....B,.,..,a.,..,,I,..,...
,......".,--
100,iBal.
Bal.
1,300
Bal.
o
Supplies
Bal.
1,300 Clos.(2)
Expense
350 Clos.(2)
Bal.
Requirement 8. Prepare a post-closing trial balance. (Exclude any permanent accounts with a zero balance from the
post-closing trial balance.)
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Page 13 of20

Post-Closing Trial Balance
December 31,2016
Balance
Account Title
Cash
Debit
Credit
Accounts Receivable
Office Supplies
Prepaid Insurance
Truck
Salaries Payable
Unearned Revenue
44,650
Manning, Capital
$
Total
46,950 .. $
46,950 :
1: More Info
. Dec.
Manning Delivery Service began operations by receiving $30,000 cash and a truck with a fair value of
$8,000 from Ray Manning. The business gave Manning capital in exchange for this contribution.
Paid $1,200 cash for a twelve-month insurance policy. The policy begins December 1.
4
Paid $600 cash for office supplies.
12
Performed delivery services for a customer and received $1,700 cash.
15
Completed a large delivery job, billed the customer, $2,700, and received a promise to collect the
$2,700 within one week.
18
Paid employee salary, $1,800.
20
Received $7,000 cash for performing delivery services.
22
Collected $1,400 in advance for delivery service to be performed later.
25
Collected $2,700 cash from customer on account.
27
Purchased fuel for the truck, paying $150 on account. (Credit Accounts Payable)
28
Performed delivery services on account, $1,000.
29
Paid office rent, $1,300, for the month of December.
30
Paid $150 on account.
31
Manning withdrew cash of $2,700.
2: Requirements
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1.
Page 14 of 20
Record each transaction in the journal using the following chart of accounts. Explanations are not required.
Cash
Accounts Receivable
Income Summary
Office Supplies
Service Revenue
Prepaid Insurance
Salaries Expense
Truck
Insurance Expense
Accounts Payable
Fuel Expense
Salaries Payable
Rent Expense
Unearned Revenue
Supplies Expense
Manning, Capital
2.
Post the transactions in the T-accounts.
3.
Prepare an unadjusted trial balance as of December 31, 2016.
4.
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, $1,800.
b.
Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a
salvage value of $2,000.
c.
Prepaid Insurance for the month has expired.
d.
Office Supplies on hand, $250.
e.
Unearned Revenue earned during the month, $1,000.
f.
Accrued Service Revenue, $1,550.
5.
Prepare an adjusted trial balance as of December 31, 2016.
6.
Prepare Manning Delivery Service's income statement and statement of owner's equity for the month ended
December 31, 2016, and the classified balance sheet on that date. On the income statement, list expenses in
decreasing order by amount-that
is, the largest expense first, the smallest expense last.
7.
Journalize the closing entries and post to the T-accounts.
8.
Prepare a post-closing trial balance as of December 31, 2016.
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7/8/2016

YOU ANSWERED:
Page 17 of20
Cash
Dec. 1
Service Revenue
Dec. 31
150
30000
1200 Dec. 1
Dec. 12
1700
600 Dec. 4
Dec. 20
7000
1800 Dec. 18
Dec. 22
1400
1300 Dec. 29
Dec. 25
2700
150 Dec. 30
nothing
nothing
2700 Dec. 31
nothing
nothing
nothing nothing
nothing nothing nothing nothing
35050
nothing nothing
nothing nothing
Bal.

nothing nothing
0 Bal.
Salaries Payable
0 Bal.
Unearned Revenue
Accounts Receivable
Dec. 15
2700
Dec. 28
1000
nothing nothing
nothing
Bal.
1000
nothing nothing
nothing nothing
Bal.
2700 Dec. 25
nothing nothing
Office Supplies
1400 Dec. 22 Dec. 18
1400 Bal.
Manning, Capital
1800 nothing no
nothing nothing no1
1800 nothing no
Depreciation Expense-
Dec. 4
600
nothing nothing
nothing nothing
38000 Dec. 1
nothing
nothing nothing no
nothing
nothing
nothing nothing
nothing
nothing nothing no
600
nothing nothing
nothing nothing
Bal.
Prepaid Insurance
38000 Bal.
Bal.
nothing no
Insurance Expense
Dec. 1
1200
nothing nothing
Dec. 31
2700 nothing nothing
nothing
nothing nothing no
nothing
nothing
nothing nothing
nothing
nothing nothing no
1200
nothing nothing
Bal.
Bal.
Bal.
2700 nothing nothing
Fuel Expense
Income Summary
Truck
Dec. 1
80000
nothing nothing
Dec. 27
nothing
nothing
nothing nothing
nothing
80000
nothing nothing
Bal.
150 nothing no1

nothing nothing no1
Bal.
150 nothing no1
Rent Expense
nothing
nothing
nothing nothing
Dec. 29
nothing
nothing
nothing nothing
nothing
nothing
nothing
0 Bal.
nothing no
1300 nothing no
nothing nothing no
Bal.
1300 nothing no
Supplies Expense
nothing
nothing nothing no
nothing
nothing nothing no
Bal.
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Page 180[20

Unadjusted Trial Balance
December 31, 2016
Balance
Account Title
Debit
Cash
Credit
35050
nothing
1000
nothing
600
nothing
Prepaid Insurance
1200
nothing
Truck
8000
nothing
Unearned Revenue
nothing
1400
Manning, Capital
nothing
38000
2700
nothing
nothing
12400
1800
nothing
Fuel Expense
150
nothing
Rent Expense
1300
nothing
51800
51800
Accounts Receivable
Office Supplies
Service Revenue
Supplies Expense
Total
Accounts
Date
Dec. 31
Adj. (b)
Debit
Credit
400
nothing
nothing
400
nothing
nothing
nothing
nothing
nothing
nothing
Accounts
Date
Debit
Credit
Dec. 31
Supplies Expense
250
nothing
Adj. (d)
Office Supplies
nothing
250
nothing
nothing
nothing
nothing
nothing
nothing
Accounts
Date
Dec. 31
Adj. (e)
Debit
Credit
1000
nothing
nothing
1000
nothing
nothing
nothing
nothing
nothing
nothing
Cash
Unearned Revenue
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(
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Page 19 0[20
Cash
Accounts Payable
Service Revenue
Ba\.
35,050
nothing nothing
nothing nothing
nothing
nothing
nothing nothing
nothing nothing
1000 Ad
35050
nothing nothing
nothing nothing
nothing nothing
1550 A
nothing nothing
14950 B
Bal.
0 Ba\.
0 Ba\.
nothing nothing
12,400 B
Salaries Payable
Accounts Receivable
nothing nothing
0 Bal.
nothing nothing
1800 Adj. (a)
nothing nothing
1800 Ba\.
Unearned Revenue
Salaries Expense
Bal.
1,000
1000 Adj. (e)
Adj. (f)
1550
nothing nothing
nothing nothing nothing nothing Adj. (a)
Ba\.
1550
nothing nothing
nothing nothing
Office Supplies
Ba\.
nothing
Ba\.
nothing
Bal.
nothing
Bal.
1,400Bal.
400 Bal.
nothing nothing 38,000 Bal.
Bal.
1,800 nothing no
Depreciation Expense-
Ba\.
350 Adj. (d)
nothing
nothing nothing
nothing nothing nothing nothing Adj. (b)
250
nothing nothing
nothing nothing
38000 Bal.
1800 nothing no'
-----~---Ba\.
1800 nothing no'
600
TI
nothing no
100 nothing no
-----~---Bal.
100 nothing no
Insurance Expense
1,200
100 Adj. (c)
nothing
nothing nothing
100 nothing no
1100
nothing nothing
100 nothing no'
nothing no'
Fuel Expense
Income Summary
Truck
Ba\.
1000
Manning, Capital
Prepaid Insurance
Bal.
Adj. (e)
8,000
nothing nothing
Bal.
nothing
nothing nothing
nothing nothing nothing no
8000
nothing nothing
150 nothing no
Bal.
150 nothing no
Rent Expense
Ba\.
1,300 nothing no
nothing
nothing
0 Ba\.
nothing
nothing
100 Adj. (b)
nothing nothing nothing no
nothing
nothing
100 Bal.
Bal.
1300 nothing no
Supplies Expense
Bal.
0 nothing no
Adj. (d)
350 nothing no
Bal.
350 nothing no'
:>
7/8/2016
Page 20 of20
Income Statement
Month Ended December 31,2016
Revenues:
14950
Service Revenue
Expenses:
3600
Salaries Expense
100
Insurance Expense
100
Fuel Expense
150
Rent Expense
1300
Supplies Expense
350
Total Expenses
5600
9350
Net Income (Loss)
2.
Accounting Cycle Comprehensive Problem

My Accounting Cycle Comprehensive Problem was required to be uploaded to my ePortfolio.
Also, I was required to write a "reflection" on this assignment.
Then I emailed my ePortfolio link to my instructor
https://xlitemprod.pearsoncmg.com!api/v
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7/8/2016

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Acctg Cycle Problem on MAL-Lisa Paulin

Instructor: Shauna Hatfield

Student: Lisa Paulin

Acctg Cycle Problem on

Dec. 4: Paid $600 cash for office supplies.

Acctg Cycle Problem on MAL-Lisa Paulin

Dec. 18: Paid employee salary, $1,800.

Dec. 20: Received $7,000 cash for performing delivery services.

Dec. 25: Collected $2,700 cash from customer on account.

Dec. 28: Performed delivery services on account, $1,000.

Acctg Cycle Problem on MAL-Lisa Paulin

Dec. 30: Paid $150 on account.

Dec. 31: Manning withdrew cash of $2,700.

Acctg Cycle Problem on MAL-Lisa Paulin

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Acctg Cycle Problem on MAL-Lisa Paulin

Manning Delivery Service

December 31, 2016

c. Prepaid Insurance for the month has expired.

Acctg Cycle Problem on MAL-Lisa Paulin

d. Office supplies on hand, $250.

e. Unearned Revenue earned during the month, $1,000.

f. Accrued Service Revenue, $1,550.

Acctg Cycle Problem on MAL-Lisa Paulin

adjusted trial balance.)

Acctg Cycle Problem on MAL-Lisa Paulin

Manning Delivery Service

is, the largest expense first,

Review the Adjusted Trial Balance completed in Requirement 5.

Acctg Cycle Problem on MAL-Lisa Paulin

Manning Delivery Service

Net Income (Loss)

Month Ended December 31, 2016

Acctg Cycle Problem on MAL-Lisa Paulin

Manning Delivery Service

Total Plant Assets

Total Liabilities and Owner's Equity

Requirement 7. Journalize the closing entries and post to the T-accounts.

Close expenses for the period.

Acctg Cycle Problem on MAL-Lisa Paulin

Close Income Summary.

Acctg Cycle Problem on MAL-Lisa Paulin

Acctg Cycle Problem on MAL-Lisa Paulin

Manning Delivery Service

Paid $600 cash for office supplies.

Performed delivery services for a customer and received $1,700 cash.

Paid employee salary, $1,800.

Received $7,000 cash for performing delivery services.

Collected $1,400 in advance for delivery service to be performed later.

Collected $2,700 cash from customer on account.

Performed delivery services on account, $1,000.

Paid office rent, $1,300, for the month of December.

Paid $150 on account.

Manning withdrew cash of $2,700.

Acctg Cycle Problem on MAL-Lisa Paulin

Post the transactions in the T-accounts.

Prepare an unadjusted trial balance as of December 31, 2016.

Prepaid Insurance for the month has expired.

Office Supplies on hand, $250.

Unearned Revenue earned during the month, $1,000.

Accrued Service Revenue, $1,550.

Prepare an adjusted trial balance as of December 31, 2016.

is, the largest expense first, the smallest expense last.