Business, 15.10.2020 08:01 babygurl27732
Matthews Delivery Service, Inc., completed the following transactions during its first month of operations for January 2012:
a. Matthews Delivery Service, Inc., began operations by receiving $6,000 cash and a truck valued at $11,000. The business issued common stock to aquire these assets.
b. Paid $300 cash for supplies.
c. Prepaid insurance, $700.
d. Performed delivery services for a customer and received $800 cash.
e. Completed a large delivery job, billed the customer $1,500, and received apromise to collect the $1,500 within one week.
f. Paid employee salary, $700.
g. Received $12,000 cash for performing delivery services.
h. Collected $600 in advance for delivery service to be performed later.
i. Collected $1,500 cash from a customer on account.
j. Purchased fuel for the truck, paying $200 with a company credit card. (CreditAccounts payable)
k. Performed delivery services on account, $900.l. Paid office rent, $600. This rent is not paid in advance.
m. Paid $200 on account.
n. Paid cash dividends of $2,100.
Required:
a. Record each transaction in the journal.
b. Post the transactions that you recorded in Requirement 1 in the T-accounts.
c. Write the trial balance for the month ended January 31, 2012.
Answers: 3
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Matthews Delivery Service, Inc., completed the following transactions during its first month of oper...
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