Jenny_94
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Ayman Delivery Service, Inc. completed the following transactions during its first month of operations for January 2014:a. Ayman Delivery Services, Inc. began operations by receiving $13,000 cash and a truck valued at $20,000. The business issued common stock to acquire these assets.b. Paid $600 cash for supplies.c. Prepaid insurance, $1,300.d. Performed delivery services for a customer and received $900 cash.e. Completed a large delivery job, billed the customer $3,500, and received a promise to collect it within one week.f. Paid employee salary, $2,000.g. Received $25,000 cash for performing delivery services.h. Collected $1,000 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 $300 with a company credit card (Credit accounts payable)k. Performed delivery services on account, $1,800.l. Paid office rent $1,200. This rent is not paid in advance.m. Paid $500 for accounts payable.n. Paid cash dividends of $4,000.Requirements:1. Record each transaction in the journal. Key each transaction by its letter (Explanation are not required) 2. Post the transaction that you recorded in requirement 1 in the T-accounts: Cash Service revenueAccounts receivable Salary expenseSupplies Depreciation expensePrepaid insurance insurance expenseDelivery truck Fuel expenseAccumulated depreciation rent expenseAccounts payable supplies expenseSalary payable Unearned service revenueCommon stockRetained earningsDividendsIncome summary3. Enter the trail balance in the worksheet for the month ended January 31, 2014. Complete the worksheet using the adjustment data given at January 31 a. Accrued salary expense, $1,200.b. Depreciation expense , $80c. Prepaid insurance expired, $300.d. Supplies on hand, $400.e. Unearned service revenue earned during January, $800.4. Prepare Ayman Delivery Service’s income statement and statement of retained earnings for the month ended January 31, 2014, 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. 5. Journalize and post the adjusting entries beginning with a. 6. Journalize and post the closing entries.7. Prepare a post-closing trial balance at January 31, 2014.
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Jenny_94
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Please help me solve this question. I will be very thankful to you.
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