Journalize and post the closing entries to their respective T accounts.
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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.
Requirements:
- The following additional information relates to the company’s 2020 financial affairs and was provided in the first week of 2021 and are to be record same as
adjusting entries :( Key each transaction by its letter and narrations are not required): - Accrued salary expense, $19,500.
Depreciation expense, $6,500.- Prepaid insurance expired, $24,000.
- Supplies on hand, $2,500.
- Unearned service revenue earned during 2020, $7,000.
- Use the transactions in requirement 4 to update the affected T accounts.
- Prepare the company’s adjusted
trial balance , income statement, statement of owner’s equity and classified balance sheet for 2020.
- Journalize and
post the closing entries to their respective T accounts.
- Prepare the company’s post-closing trial balance for 2020.
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- Dave Shurek started Hindsight Electric in February 2020. Hindsight completed the following transactions during February of the current year: Feb. 1 Began a Hindsight Electric company by investing $7,000 in cash and computer equipment having a $5,000 fair value. Feb. 2 Purchased electrical tools for $1,100 on account. Feb. 4 Completed hot tub electrical work for $1,900 on account. Feb. 8 Completed electrical panel upgrade for $500 cash. Feb. 10 Paid for the items purchased on credit on February 2. Feb. 14 Paid $1,600 for the annual rent. Feb. 18 Received $900 for the work completed on February 4. Feb. 27 D. Shurek withdrew $200 cash from the practice to pay personal expenses. Feb. 28 Paid the February utility bills, $100. Prepare general journal entries to record the transactions. Include a brief description for each entry.Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a fullrange of passenger services. Sentry engaged in the following activities during the current year:a. Sentry received $5,000 cash in advance from Rich’s Department Store for an estimated 250deliveries during December 2019 and January and February of 2020. The entire amountwas recorded as unearned revenue when received. During December 2019, 110 deliverieswere made for Rich’s.b. Sentry operates several small buses that take commuters from suburban communities to thecentral downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 onewayrides. Each 50-ride ticket costs $500. At the time of purchase, Sentry credits the cashreceived to unearned revenue. At year end, Sentry determines that 10,160 one-way rideshave been taken.c. Sentry operates several buses that provide transportation for the clients of a social service agencyin Atlanta. Sentry bills the agency quarterly at the…You were engaged to audit the books of accounts of A. Bonifacio contractors which had a 3 year construction contract in 2020 for Php 900,000. A Bonifacio uses the percentage of completion method for financial statement purposes. Income to be recognized each year is based on the ratio of cost incurred to total estimated cost to complete the contract. Data on this contract follows: Accounts receivable construction contract billings Php 30,000 Construction in progress 93,750 Less: Amounts billed 84,375 10% retention Php 9,375 Net Income recognized in 2020 (before tax) Php 15,000 A. Bonifacio contractors maintains a separate bank account for each construction contract. Bank deposits to this contract amounted to Php 50,000 Required: 6. How much cash was collected on the contract that was not yet deposited as at December 31, 2020? Thank you
