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    Comprehensive Problem

    Uploaded by

    Jacob Sheridan
    1) The document is a trial balance for Murphy Delivery Service for December 2018 that shows account balances, debits and credits for the period. 2) It includes income statement and balance sheet accounts such as cash, accounts receivable, prepaid expenses, revenue, expenses and owner's equity. 3) The adjusted trial balance balances the accounts and is used to prepare the income statement showing net income of $11,400 and balance sheet outlining total assets of $33,200 for the period.

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    Comprehensive Problem

    Uploaded by

    Jacob Sheridan
    45 views15 pages
    1) The document is a trial balance for Murphy Delivery Service for December 2018 that shows account balances, debits and credits for the period. 2) It includes income statement and balance sheet accounts such as cash, accounts receivable, prepaid expenses, revenue, expenses and owner's equity. 3) The adjusted trial balance balances the accounts and is used to prepare the income statement showing net income of $11,400 and balance sheet outlining total assets of $33,200 for the period.

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    1) The document is a trial balance for Murphy Delivery Service for December 2018 that shows account balances, debits and credits for the period. 2) It includes income statement and balance sheet accounts such as cash, accounts receivable, prepaid expenses, revenue, expenses and owner's equity. 3) The adjusted trial balance balances the accounts and is used to prepare the income statement showing net income of $11,400 and balance sheet outlining total assets of $33,200 for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    45 views15 pages

    Comprehensive Problem

    Uploaded by

    Jacob Sheridan
    1) The document is a trial balance for Murphy Delivery Service for December 2018 that shows account balances, debits and credits for the period. 2) It includes income statement and balance sheet accounts such as cash, accounts receivable, prepaid expenses, revenue, expenses and owner's equity. 3) The adjusted trial balance balances the accounts and is used to prepare the income statement showing net income of $11,400 and balance sheet outlining total assets of $33,200 for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 15

    Date Accounts Debit Credit

    Dec. 1 Cash 13000


    Murphy, Capital 13000
    Truck 9000
    Murphy, Capital 9000
    1 Prepaid Insurance 600
    Cash 600
    4 Office Supplies 750
    Cash 750
    12 Cash 2200
    Service Revenue 2200
    15 Accounts Receivable 3300
    Service Revenue 3300
    18 Salary Expense 800
    Cash 800
    20 Cash 7000
    Service Revenue 7000
    22 Cash 2200
    Unearned Revenue 2200
    25 Cash 3300
    Accounts Receivable 3300
    27 Fuel Expense 150
    Accounts Payable 150
    28 Accounts Receivable 1400
    Service Revenue 1400
    29 Rent Expense 1400
    Cash 1400
    30 Accounts Payable 150
    Cash 150
    31 Murphy, Withdrawals 2500
    Cash 2500
    Cash Murphy, Capital Truck
    13000 500 13000 9000
    2200 100 9000
    7000 750
    2200 800
    3300 1400
    150
    2500
    Total 21500 22000 9000

    Accounts Receivable Salary Expense Unearned Revenue


    3300 3300 800 2200
    1400

    Total 1400 800 2200


    Prepaid Insurance Office Supplies Service Revenue
    600 750 2200
    3300
    7000
    1400

    600 750 13900

    Fuel Expense Accounts Payable Rent Expense


    150 150 150 1400

    150 0 1400
    Murphy, Withdrawals
    2500

    2500
    Murphy Delivery Service
    Unadjusted Trial Balance
    12/31/2018
    Balance
    Account Debit Credit
    Cash 21500
    Accounts Recievable 1400
    Truck 9000
    Prepaid Insurance 600
    Office Supplies 750
    Unearned Revenue 2200
    Accounts Payable 0
    Murphy, Capital 22000
    Murphy, Withdrawals 2500
    Service Revenue 13900
    Fuel Expense 150
    Salary Expense 800
    Rent Expense 1400
    Total 38100 38100
    Accounts Debit Credit
    Salaries Expense 800
    Salaries Payable 800
    Truck Depreciation Expense 100
    Accrued Depreciation, Truck 100
    Insurance Expense 100
    Prepaid Insurance 100
    Office Supplies Expense 300
    Office Supplies 300
    Unearned Revenue 700
    Service Revenue 700
    Accrued Service Revenue 450
    Service Revenue 450

    Cash Murphy, Capital


    13000 500 13000
    2200 100 9000
    7000 750
    2200 800
    3300 1400
    150
    2500
    Total 21500 22000

    Accounts Receivable Salary Expense


    3300 3300 800
    1400 800

    Total 1400 1600


    Truck Prepaid Insurance Insurance Expense Office Supplies
    9000 600 100 100 750

    9000 500 100 450

    Unearned Revenue Fuel Expense Accounts Payable Rent Expense


    700 2200 150 150 150 1400

    1500 150 0 1400


    Office Supplies Service Revenue Accrued Depreciation, Truck
    300 2200 100
    3300
    7000
    1400
    700
    450

    15050 100

    Rent Expense Murphy, Withdrawals Salaries Payable


    2500 800

    2500 800
    Truck Depreciation Expense Accrued Service Revenue
    100 450

    100 450

    Office Supplies Expense


    300

    300
    Murphy Delivery Service
    Adjusted Trial Balance
    12/31/2018
    Balance
    Account Debit Credit
    Cash 21500
    Accounts Recievable 1400
    Truck 9000
    Prepaid Insurance 500
    Office Supplies 450
    Accrued Service Revenue 450
    Accrued Depreciation, Truck 100
    Unearned Revenue 1500
    Accounts Payable 0
    Salaries Payable 800
    Murphy, Capital 22000
    Murphy, Withdrawals 2500
    Service Revenue 15050
    Office Supplies Expense 300
    Truck Depreciation Expense 100
    Insurance Expense 100
    Fuel Expense 150
    Salary Expense 1600
    Rent Expense 1400
    Total 39450 39450
    Murphy Delivery Service
    Income Statement
    Month Ended December 31, 2018
    Revenues: $ 15,050
    Expenses:
    Salary Expense $ 1,600
    Rent Expense 1,400
    Office Supplies Expense 300
    Fuel Expense 150
    Truck Depreciation Expense 100
    Insurance Expense 100
    3,650
    Net Income: $ 11,400

    Murphy Delivery Service


    Balance Sheet
    Month Ended December 31, 2018
    Assets
    Current Assets
    Cash $ 21,500
    Prepaid Insurance 500
    Accounts Receivable 1,400
    Accrued Service Revenue 450
    Fixed Assets
    Truck $ 9,000
    Less: Acc. Depr. - Truck (100) 8,900
    Office Supplies 450
    Total Assets $ 33,200
    Murphy Delivery Service
    Statement of Owner's Equity
    Month Ended December 31, 2018
    Murphy, Capital December 1, 2018 $ -
    Owner's contribution 22,000
    Net Income for the Month 11,400
    33,400
    Owner's Withdrawal (2,500)
    Murphy, Capital December 31, 2018 $ 30,900

    Murphy Delivery Service


    Balance Sheet
    Month Ended December 31, 2018
    Liabilities
    Current Liabilities
    Unearned Revenue $ 1,500
    Accounts Payable -
    Salaries Payable 800
    Total Liabilities 2,300

    Owner's Equity
    Murphy, Capital 30,900
    Total Liabilities and Owner's Equity $ 33,200
    Accounts Debit Credit
    Service Revenue 15050 Murphy, Capital
    Income Summary 15050 2500 13000
    Income Summary 3650 9000
    Salary Expense 1600 11400
    Rent Expense 1400
    Office Supplies Expense 300
    Fuel Expense 150
    Truck Depreciation Expense 100
    Insurance Expense 100 Total 30900
    Income Summary 11400
    Murphy, Capital 11400 Salary Expense
    Murphy, Capital 2500 800 1600
    Murphy, Withdrawals 2500 800

    Total 0

    Fuel Expense
    150 150

    Total 0
    Murphy, Withdrawals Service Revenue Income Summary
    2500 2500 15050 2200 3650 15050
    3300 11400
    7000
    1400
    700
    450

    0 0 0

    Rent Expense Office Supplies Expense


    1400 1400 300 300

    0 0

    Truck Depreciation Expense Insurance Expense


    100 100 100 100

    0 0
    Murphy Delivery Service
    Post-Closing Trial Balance
    12/31/2018
    Balance
    Account Debit Credit
    Cash 21500
    Accounts Recievable 1400
    Truck 9000
    Prepaid Insurance 500
    Office Supplies 450
    Accrued Service Revenue 450
    Accrued Depreciation, Truck 100
    Unearned Revenue 1500
    Accounts Payable 0
    Salaries Payable 800
    Murphy, Capital 30900
    Total 33300 33300

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