Nichole Pearson

Comprehensive Problem
ACCT - 1110

Date
Dec. 1

12

15

18

20

22

25

27

GENERAL JOURNAL
Account Names
Cash
Truck
Micron Capital
Owner contribution
Prepaid Insurance
Cash
Advance payment for insurance
Office Supplies
Cash
Paid cash for office supplies
Cash
Service Revenue
Received cash for services
Accounts Receivable
Service Revenue
Performed services on account
Salaries Expense
Cash
Paid salaries
Cash
Service Revenue
Received cash for services
Cash
Unearned Revenue
Collected cash for future services
Cash
Accounts Receivable
Received cash for services previously performed
Fuel Expense
Accounts Payable

Debit
$30,000
8,000

Credit

$38,000
600
600
450
450
1,500
1,500
3,300
3,300
1,100
1,100
6,000
6,000
2,200
2,200
3,300
3,300
150
150

28

29

30

31

(a) 31

(b) 31

(c) 31

(d) 31

(e) 31

(f) 31

31

Purchased fuel for truck on account

Accounts Receivable
Service Revenue
Performed services on account
Rent Expense
Cash
Paid cash for rent
Accounts Payable
Cash
Paid cash on account
Micron Withdrawals
Cash
Owner withdrawal
Salaries Expense
Salaries Payable
To accrue salaries expense
Depreciation Expense - Truck
Accumulated Depreciation - Truck
To record depreciation on truck
Insurance Expense
Prepaid Insurance
To record insurance used
Supplies Expense
Office Supplies
To record supplies used
Unearned Revenue
Service Revenue
To record service rev. that was collected in advance
Accounts Receivable
Service Revenue
To accrue service revenue
Service Revenue

900
900
1,200
1,200
150
150
2,600
2,600
1,100
1,100
100
100
100
100
200
200
1,400
1,400
1,050
1,050
14,150

31

31

31

Income Summary
To close revenues
Income Summary
Salaries Expense
Depreciation Expense - Truck
Insurance Expense
Fuel Expense
Rent Expense
Supplies Expense
To close expenses
Income Summary
Micron Capital
To close Income Summary
Micron Capital
Micron Withdrawals
To close withdrawals

14,150
3,950
2,200
100
100
150
1,200
200
10,200
10,200
2,600
2,600

12/1
12/12
12/20
12/22
12/25
BAL

12/1
BAL
Adj BAL

12/30

Cash
30,000 600
1,500 450
6,000 1,100
2,200 1,200
3,300 150
2,600
36,900
Prepaid Insurance
600
600
100
500

Accounts Payable
150 150
0

12/1
12/4
12/18
12/29
12/30
12/31

12/15
12/28
BAL
12/31
Adj BAL

12/1
BAL

Clos 4

Clos 1

Service Revenue
14,150 1,500
3,300
6,000
900
11,700
1,400
1,050
14,150

12/25

12/4
BAL
Adj BAL

Trucks
8,000
8,000

Office Supplies
450
450
200
250

12/31

Accum. Deprec. Truck

100
100

12/31
Adj BAL

Salaries Payable
1,100
1,100

12/31
Adj BAL

12/31

12/27
BAL
12/31

Micron Capital
38,000
38,000
2,600 10,200
45,600

GENERAL LEDGER
Accts. Rec
3,300 3,300
900
900
1,050
1,950

12/1
BAL
Clos 3
BAL

12/12
12/15
12/20
12/28
BAL
12/31
12/31
Adj BAL

12/31
BAL
BAL

12/18
BAL
12/31
Adj BAL
BAL

Unearned Revenue
2,200
2,200
1,400
800

Micron Withdrawals
2,600
2,600
2,600
0

Salaries Expense
1,100
1,100
1,100
2,200
2,200
0

12/22
BAL
Adj BAL

Clos 2
Clos 3
Clos 4

Income Summary
3,950 14,150
10,200
0

Clos 1
BAL

Deprec. Expense - Truck

100
100
100
Clos 2
BAL
0

12/31
Adj BAL

Clos 2

12/31
Adj BAL
BAL

12/31
Adj BAL
BAL

Insurance Expense
100
100
100
0

Supplies Expense
200
200
200
0

BAL

12/27
BAL
Clos 2
BAL

Clos 2

GENERAL LEDGER
Fuel Expense
150
150
150
0

12/29
BAL
Clos2
BAL

Rent Expense
1,200
1,200
1,200
0

Clos 2

GENERAL LEDGER

MICRON DELIVERY SERVICE

UNADJUSTED TRIAL BALANCE
December 31, 2016
Account Name
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Trucks
Unearned Revenue
Micron Capital
Micron Withdrawals
Service Revenue
Salaries Expense
Fuel Expense
Rent Expense
Total

Debit

Credit

$36,900
900
450
600
8,000
$2,200
38,000
2,600
11,700
1,100
150
1,200
$51,900

$51,900

MICRON DELIVERY SERVICE

TRIAL BALANCE
December 31, 2016
Account Name
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Trucks
Accumulated Depreciation - Truck
Unearned Revenue
Salaries Payable
Micron Capital
Micron Withdrawals
Service Revenue
Salaries Expense
Depreciation Expense - Truck
Insurance Expense
Fuel Expense
Rent Expense
Supplies Expense
Total

Debit

Credit

$36,900
1,950
250
500
8,000
$100
800
1,100
38,000
2,600
14,150
2,200
100
100
150
1,200
200
$54,150

$54,150

MICRON DELIVERY SERVICE

Post-Closing TRIAL BALANCE
December 31, 2016
Account Name
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Trucks
Accumulated Depreciation - Truck
Unearned Revenue
Salaries Payable
Micron Capital
Total

Debit

Credit

$36,900
1,950
250
500
8,000

$47,600

$100
800
1,100
45,600
$47,600

MICRON DELIVERY SERVICE

Income Statement
Month Ended December 31, 2016

Revenues:
Service Revenue
Expenses:
Salaries Expense
Depreciation Expense - Truck
Insurance Expense
Fuel Expense
Rent Expense
Supplies Expense
Total Expenses
Net Income

$14,150
$2,200
100
100
150
1,200
200
3,950
$10,200

MICRON DELIVERY SERVICE

Statement of Owner's Equity
Month Ended December 31, 2016

Bright Capital December 1, 2016

Owner Contribution
Net Income for the month
Owner Withdrawal
Micron , Capital, December 31, 2016

$0
38,000
10,200
48,200
(2,600)
$45,600

MICRON DELIVERY SERVICE

Balance Sheet
December 31, 2016

Assets
Current Assets:
Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Total Current Assets
Plant Assets:
Truck
Less: Accumulated Depreciation
Total Plant Assets
Total Assets
Liabilities
Current Liabilities:
Unearned Revenue
Salaries Payable
Total Liabilities
Owner's Equity
Micron Capital
Total Liabilities and Owner's Equity

$36,900
1,950
250
500
39,600
$8,000
(100)
7,900
$47,500

800
1,100
1,900
45,600
$47,500