1) Prepare the journal entries for each Transaction.
2) Post journal entries to T-accounts
3) Prepare an unadjusted trial balance
4) Prepare the journal entries for each adjustment
5) Post the adjustments to T-accounts
6) Prepare an adjusted trial balance
7) Prepare the income statement, the statement of owner's equity, and the classified balance sheet.
8) Prepare the Closing entries
9) Post the closing entries to T-accounts
10) Prepare a post-closing trial balance
Extracted text: Comprehensive Accounting Cycle Review Problem Data & Work Papers On December 1st Micron Delivery Service began operations. The following information about December's transactions, accounts, and adjustment data is available. Transactions Dec Micron Delivery Service began operations 30,000 cash and a truck with a fair value of $ $8,000 from Richard Micron. The business gave Micron capital in exchange for this contribution. Paid S S600 cash for a six-month insurance policy. The policy begins December 1. Paid $450 cash for office supplies. Performed delivery services for a customer and received $ 1,500 cash. Completed a large delivery job, billed the customer, $3,300, and received a promise to collect the $3,300 within one week. Paid employee salary, $1,100. Received $6,000 cash for performing delivery services. Collected $2,200 in advance for delivery service to be performed later. Collected $3,300 cash from customer on account. 4 12 15 18 20 22 25 Purchased fuel for the truck, paying $150 on account. (Credit Accounts Payable) Performed delivery services on account, $900. Paid office rent, $1,200, for the month of December. Paid $150 on account. 27 28 29 30 31 Micron withdrew cash of $2,600. Use the following accounts: Cash, Accounts Receivable, Office Supplies, Prepaid insurance, Trucks, Accumulated Depreciation- Truck, Accounts Payable, Notes Payable, Salaries Payable, Micron Capital, Micron Withdrawals, Income Summary, Service Revenue, Salaries Éxpense, Depreciation Expense-Truck, Insurance Expense, Fuel Expense, Rent Expense, Supplies Expense, Adjustment Data a. Accrued Salaries Expense, $1,100 b. Depreciation was recorded on the truck using the straight-line method. Assume a useful life of 5 years and a salvage value of $2,000 c. Prepaid Insurance for the moth has expired. d. Office Supplies on hand, $250 e. Unearned Revenue eamed during the month, $1,400 f. Accrued Service Revenue, $1,050.