[cnick14]

I really need help with this problem

Principles of Accounting I
Comprehensive Problem—Chapters 1-4
Fall 2012

Name __________________________________________________ _______

The Comprehensive Problem (pages 253-254) is due on Wednesday, September 28, 2012 before you take Exam 1; NO exceptions! The problem MUST be completed by hand (hand-written by you). It must be submitted on these pages with the pages in the correct order with ONE staple in the top left corner! DO NOT print pages front and back. Follow the instructions below and disregard the requirements in the textbook.

The Problem is worth 90 points which is 15% of your overall grade in this class.

Instructions:
1. Record the Journal Entries (lettered a through n).
a) Use the letter for each transaction for the “Date.”
b) Skip a line between each transaction. You have enough lines!
2. Post the Journal Entries to the T-accounts.
3. Prepare the Trial Balance.
4. Record the Adjusting Entries—(You may prepare a Worksheet if it will be helpful, but is NOT required)
5. Post the Adjusting Entries to the T-accounts.
6. Prepare the Adjusted Trial Balance.
7. Prepare the Financial Statements—do not forget to complete the headings.
8. Prepare the Closing Entries.
9. Post the Closing Entries to the T-accounts.
10. Prepare the Post-Closing Trial Balance.



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 acquire 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 a promise 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. (Credit Accounts 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.

Matthews Delivery Service, Inc. had the following adjustments for the data given at January 31, 2012:
a. Accrued salary expense, $700.
b. Depreciation Expense, $60.
c. Prepaid insurance expired, $250.
d. Supplies on hand, $200.
e. Unearned service revenue earned during January, $500

[paraclete]

Very sorry but I already comprehend accounting and have no need of taking the examination for you.

If you have problems you will need to tell us what specifically they are

In any case answers found here are no use to you, they are not hand written

[pready]

Your steps are numbered 1 through 10 and will be followed in that order, so the first step is to do your journal entries for transactions a through n.

Your second set of transaction a through e are your adjusting entries and will be done in step 5.

Use a Worksheet for your trial balance to your post-closing trial balance, steps 3 through 10 as I guarantee it will be useful in checking to make sure your debits and credits balance and will aid in preparing your financial statements.