Question

REQUIREMENTS: JOURNAL FOR ADJUSTING ENTRIES

Miller Delivery Service completed the following transactions during December 2016:

Dec. 1 Miller Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Miller. The business issued Miller shares of common stock in exchange for this contribution.

1 Paid $1,000 cash for a four-month insurance policy. The policy begins December 1.

4 Paid $500 cash for office supplies.

12 Performed delivery services for a customer and received $2,000 cash.

15 Completed a large delivery job, billed the customer, $2,500, and received a promise to collect the $2,500 within one week.

18 Paid employee salary, $1,000. 20 Received $15,000 cash for performing delivery services.

22 Collected $800 in advance for delivery service to be performed later.

25 Collected $2,500 cash from customer on account.

27 Purchased fuel for the truck, paying $300 on account. (Credit Accounts Payable)

28 Performed delivery services on account, $700.

29 Paid office rent, $1,600, for the month of December.

30 Paid $300 on account.

31 Cash dividends of $3,000 were paid to stockholders.

Answer 1

Date	General Journal	Debit	Credit
Dec-01	Cash	$   10,000
	Truck	$   20,000
	Common stock		$   30,000
Dec-01	Prepaid insurance	$     1,000
	Cash		$     1,000
Dec-04	Supplies	$        500
	Cash		$        500
Dec-12	Cash	$     2,000
	Service revenue		$     2,000
Dec-15	Note receivable	$     2,500
	Service Revenue		$     2,500
Dec-18	Salaries expense	$     1,000
	Cash		$     1,000
Dec-20	Cash	$   15,000
	Service revenue		$   15,000
Dec-22	Cash	$        800
	Unearned service revenue		$        800
Dec-25	Cash	$     2,500
	Accounts receivable		$     2,500
Dec-27	Fuel expenses	$        300
	Accounts payable		$        300
Dec-28	Accounts receivable	$        700
	Service revenue		$        700
Dec-29	Rent expenses	$     1,600
	Cash		$     1,600
Dec-30	Accounts payable	$        300
	Cash		$        300
Dec-31	Cash Dividends	$     3,000
	Cash		$     3,000

Adjusting Entry

Dec-31	Insurance expense ($1,000/4*1)	$   250
	Prepaid insurance		$   250

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