1 Journalize the transactions for the Middle Bay Logistics Company for the month ending, September 30,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1 Journalize the transactions for the Middle Bay Logistics Company for the month ending, September 30, 2020 2 3 4 On September 1,, Lars Maloney invested $35,000 cash, office equipment 5 with a market value of $5,000, and a truck with a market value of $25,000 in exchange 6 for capital to launch the Middle Bay Logistics Company, a delivery firm. 7 09/01 cash office equipment trucks 8 9 10 11 12 On Setember 2, the company paid $1,500 cash for a 12-month, business insurance policy. 13 09/02 prepaid insurance 1,500 14 15 16 On September 03, the company paid cash, $80, for fuel. 17 09/03 fuel expense 18 cash cash 26 27 28 On September 08, the company purchased fuel, $100, on account. 29 09/08 fuel expense 30 accounts payable 35,000 5,000 25,000 19 20 On September 05, the company earned and was paid cash for delivery services, $450. 21 09/05 cash 450 22 delivery fee 23 24 On September 06, the company paid $600 cash for office supplies. 25 09/06 office supplies PATTER 80 Partn 600 31 32 On September 09, the company earned $350, on account, for delivery services. 33 09/09 Chart of Accounts Journal Entries Posting to Ledger 100 65,000 1,500 80 450 600 100 Trial Balance M File C18 3 4 5 6 16 020233330老鸟别列品出版 19 7 8 Office Supplies 9 Prepaid Insurance 10 Office Equipment 11 Trucks 12 13 Liabilities: 14 Accounts Payable 15 17 L. 18 L AutoSave Off Cash Accounts Receivable A 29 Home Insert Draw Page Layout Formulas Data X✓ fx 8 Assets: 31 33 34 35 21 Delivery Fees Capital: Maloney, Capital Maloney, Withdrawals Revenue: Expense 24 Wages 25 Rent Expense 26 Utilities Expense 27 Fuel Expense 28 Miscellaneous Expense Expense Middle Bay Delivery Blank 302 C Chart of Accounts Select desnation and press ENTER och 45°F Heavy rain soon 111 115 116 120 121 122 200 301 302 400 501 503 503 505 506 D Journal Entries de F Review Posting to Ledger Trial C 32 On September 09, the company earned $350, on account, for delivery services. 33 09/09 34 35 36 On September 10, the company purchased an additional truck, paying $8,000 cash. 37 09/10 cash 8,000 38 truck 39 40 On September 14, the company paid $800 cash for wages to a delivery driver. 41 09/14 cash 800 42 delivery fee 43 44 On September 15, the company was paid $2,675 cash for delivery services. 45 09/15 cash 2,675 46 47 48 On September 16, the company purchased fuel, on account, $150. 49 09/16 50 51 52 On September 20 the company paid $200, on account, for fuel purchases. 53 09/20 cash 54 delivery fee accounts receivable 55 56 On September 25, the company received $200 cash, on account 57 09/25 cash 58 accounts receivable 59 60 On September 27, the company paid $600 cash for utililities. 61 09/27 cash 62 utility expense 63 64 On September 30, L. Maloney withdrew $5,600 cash for personal use. 200 200 600 8,000 800 2,675 2002 200 600 Chart of Accounts Journal Entries Posting to Ledger Trial Balance 60 On September 27, the company paid $600 cash for utililities. 61 09/27 cash 62 63 64 On September 30, L. Maloney withdrew $5,600 cash for personal use. 65 09/30 drawing owners withdraw 66 cash 67 68 On September 30, the company earned $875 for delivery services, on account. 69 09/30 70 71 72 On September 30, the company paid $800 cash for wages to a delivery driver. 73 09/30 cash 800 74 delivery fee 75 76 On September 30, the On Septem On Septem On Septem On Septem On Septem On September 30, 77 09/30 cash 1,500 78 79 80 On September 30, the company paid $65 cash for miscellaneous expenses. 81 09/30 cash 82 83 84 85 86 87 88 89 90 91 92 utility expense rent expense miscellaneous expense 600 5,600 65 600 5,600 800 1,500 65 5 6 7 P 3 Date 4 8 9 10 11 12 13 14 15 23 Cash 16 678987222 17 18 19 21 20 Accounts Receivable 22 Date 23 A 24 25 27226 28 27 Office Supplies CO 29 Date 333 Item Item 30 31 32 Prepaid Insurance Item Post Ref. Debit Post Ref. Debit Post Ref. Debit Chart of Accounts Journal Entries Select destination and press ENTER or choose Paste Credit Debit Credit Debit Credit Debit No. 111 Balance Credit No. 115 Balance Credit No. 116 Balance Credit No. 120 Balance Posting to Ledger Trial Balance 32 Prepaid Insurance. 33 34 Date 35 36 37 Office Equipment 38 39 Date 40 41 42 Trucks 43 44 Date 45 46 47 48 Accounts Payable 49 50 Date 51 52 53 5555555 56 57 Date 58 Item 54 55 L. Maloney, Capital Item Item 14 K Item Item 59 60 L. Maloney, Withdrawals 61 62 Date 63 64 Item Post Ref. Debit Post Ref. Debit Post Ref. Debit Post Ref. Debit Post Ref. Debit Post Ref. Debit Chart of Accounts Journal Entries Select destination and press ENTER or choose Paste Credit Debit Credit Credit Credit Debit Debit Debit Credit Debit Credit Debit No. 120 Balance Posting to Ledger Credit No. 121 Balance Credit No. 122 Balance Credit No. 200 Balance Credit No. 301 Balance Credit No. 302 Balance Credit Trial Balance (+ 60 L. Maloney, Withdrawals 61 62 Date 63 64 65 Delilvery Fees 66 67 Date 68 69 70 71 72 73 74 Wages Expense 75 76 Date 77 78 79 80 Rent Expense 81 82 Date 83 84 85 Utilities Expense 86 87 Date 88 89 90 Fuel Expense 91 92 Date Item Item Item Item Item Post Ref. Debit Credit Post Ref. Debit Post Ref. Debit Post Ref. Debit Post Ref. Debit Item Chart of Accounts Select destination and press ENTER or choose Paste Post Ref. Debit Journal Entries Debit Credit Debit Credit Debit Credit Debit Credit Debit No. 302 Credit Debit Posting to Ledger Balance Credit No. 400 Balance Credit No. 501 Balance Credit No. 503 Balance Credit No. 504 Balance Credit No. 505 Credit Trial Balance 89 90 Fuel Expense 91 92 Date 93 94 95 96 97 Miscellaneous Expense 98 99 Date 100 09/30 101 Item Item Post Ref. Debit Post Ref. Debit Credit Credit Debit Debit No. 505 Credit No. 506 Credit 1 Journalize the transactions for the Middle Bay Logistics Company for the month ending, September 30, 2020 2 3 4 On September 1,, Lars Maloney invested $35,000 cash, office equipment 5 with a market value of $5,000, and a truck with a market value of $25,000 in exchange 6 for capital to launch the Middle Bay Logistics Company, a delivery firm. 7 09/01 cash office equipment trucks 8 9 10 11 12 On Setember 2, the company paid $1,500 cash for a 12-month, business insurance policy. 13 09/02 prepaid insurance 1,500 14 15 16 On September 03, the company paid cash, $80, for fuel. 17 09/03 fuel expense 18 cash cash 26 27 28 On September 08, the company purchased fuel, $100, on account. 29 09/08 fuel expense 30 accounts payable 35,000 5,000 25,000 19 20 On September 05, the company earned and was paid cash for delivery services, $450. 21 09/05 cash 450 22 delivery fee 23 24 On September 06, the company paid $600 cash for office supplies. 25 09/06 office supplies PATTER 80 Partn 600 31 32 On September 09, the company earned $350, on account, for delivery services. 33 09/09 Chart of Accounts Journal Entries Posting to Ledger 100 65,000 1,500 80 450 600 100 Trial Balance M File C18 3 4 5 6 16 020233330老鸟别列品出版 19 7 8 Office Supplies 9 Prepaid Insurance 10 Office Equipment 11 Trucks 12 13 Liabilities: 14 Accounts Payable 15 17 L. 18 L AutoSave Off Cash Accounts Receivable A 29 Home Insert Draw Page Layout Formulas Data X✓ fx 8 Assets: 31 33 34 35 21 Delivery Fees Capital: Maloney, Capital Maloney, Withdrawals Revenue: Expense 24 Wages 25 Rent Expense 26 Utilities Expense 27 Fuel Expense 28 Miscellaneous Expense Expense Middle Bay Delivery Blank 302 C Chart of Accounts Select desnation and press ENTER och 45°F Heavy rain soon 111 115 116 120 121 122 200 301 302 400 501 503 503 505 506 D Journal Entries de F Review Posting to Ledger Trial C 32 On September 09, the company earned $350, on account, for delivery services. 33 09/09 34 35 36 On September 10, the company purchased an additional truck, paying $8,000 cash. 37 09/10 cash 8,000 38 truck 39 40 On September 14, the company paid $800 cash for wages to a delivery driver. 41 09/14 cash 800 42 delivery fee 43 44 On September 15, the company was paid $2,675 cash for delivery services. 45 09/15 cash 2,675 46 47 48 On September 16, the company purchased fuel, on account, $150. 49 09/16 50 51 52 On September 20 the company paid $200, on account, for fuel purchases. 53 09/20 cash 54 delivery fee accounts receivable 55 56 On September 25, the company received $200 cash, on account 57 09/25 cash 58 accounts receivable 59 60 On September 27, the company paid $600 cash for utililities. 61 09/27 cash 62 utility expense 63 64 On September 30, L. Maloney withdrew $5,600 cash for personal use. 200 200 600 8,000 800 2,675 2002 200 600 Chart of Accounts Journal Entries Posting to Ledger Trial Balance 60 On September 27, the company paid $600 cash for utililities. 61 09/27 cash 62 63 64 On September 30, L. Maloney withdrew $5,600 cash for personal use. 65 09/30 drawing owners withdraw 66 cash 67 68 On September 30, the company earned $875 for delivery services, on account. 69 09/30 70 71 72 On September 30, the company paid $800 cash for wages to a delivery driver. 73 09/30 cash 800 74 delivery fee 75 76 On September 30, the On Septem On Septem On Septem On Septem On Septem On September 30, 77 09/30 cash 1,500 78 79 80 On September 30, the company paid $65 cash for miscellaneous expenses. 81 09/30 cash 82 83 84 85 86 87 88 89 90 91 92 utility expense rent expense miscellaneous expense 600 5,600 65 600 5,600 800 1,500 65 5 6 7 P 3 Date 4 8 9 10 11 12 13 14 15 23 Cash 16 678987222 17 18 19 21 20 Accounts Receivable 22 Date 23 A 24 25 27226 28 27 Office Supplies CO 29 Date 333 Item Item 30 31 32 Prepaid Insurance Item Post Ref. Debit Post Ref. Debit Post Ref. Debit Chart of Accounts Journal Entries Select destination and press ENTER or choose Paste Credit Debit Credit Debit Credit Debit No. 111 Balance Credit No. 115 Balance Credit No. 116 Balance Credit No. 120 Balance Posting to Ledger Trial Balance 32 Prepaid Insurance. 33 34 Date 35 36 37 Office Equipment 38 39 Date 40 41 42 Trucks 43 44 Date 45 46 47 48 Accounts Payable 49 50 Date 51 52 53 5555555 56 57 Date 58 Item 54 55 L. Maloney, Capital Item Item 14 K Item Item 59 60 L. Maloney, Withdrawals 61 62 Date 63 64 Item Post Ref. Debit Post Ref. Debit Post Ref. Debit Post Ref. Debit Post Ref. Debit Post Ref. Debit Chart of Accounts Journal Entries Select destination and press ENTER or choose Paste Credit Debit Credit Credit Credit Debit Debit Debit Credit Debit Credit Debit No. 120 Balance Posting to Ledger Credit No. 121 Balance Credit No. 122 Balance Credit No. 200 Balance Credit No. 301 Balance Credit No. 302 Balance Credit Trial Balance (+ 60 L. Maloney, Withdrawals 61 62 Date 63 64 65 Delilvery Fees 66 67 Date 68 69 70 71 72 73 74 Wages Expense 75 76 Date 77 78 79 80 Rent Expense 81 82 Date 83 84 85 Utilities Expense 86 87 Date 88 89 90 Fuel Expense 91 92 Date Item Item Item Item Item Post Ref. Debit Credit Post Ref. Debit Post Ref. Debit Post Ref. Debit Post Ref. Debit Item Chart of Accounts Select destination and press ENTER or choose Paste Post Ref. Debit Journal Entries Debit Credit Debit Credit Debit Credit Debit Credit Debit No. 302 Credit Debit Posting to Ledger Balance Credit No. 400 Balance Credit No. 501 Balance Credit No. 503 Balance Credit No. 504 Balance Credit No. 505 Credit Trial Balance 89 90 Fuel Expense 91 92 Date 93 94 95 96 97 Miscellaneous Expense 98 99 Date 100 09/30 101 Item Item Post Ref. Debit Post Ref. Debit Credit Credit Debit Debit No. 505 Credit No. 506 Credit
Expert Answer:
Answer rating: 100% (QA)
Journalize the transactions for the Middle Bay Logistics Company for the month ending September 30 2... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A company has assets with a market value of $100. It has one outstanding bond issue, a zero coupon bond maturing in two years with a face value of $75. The risk-free rate is 5 percent. The volatility...
-
The firm has outstanding debt with a market value of 45 million. The firm's equity has a market value of 100 million. What is the firm worth?
-
A firm has a market value of $12 million and outstanding debt of $10 million that matures in 2 years. The firm asset grows at a rate of 6% with a standard deviation of 15%, and the risk-free rate is...
-
Both high-income and low-income employees are covered by cafeteria plans. Under such plans, all employees may select from a list of non-taxable fringe benefits or they may elect to receive cash in...
-
Define core applications, and give some examples.
-
2) A solid homogeneous sphere of radius r and mass m rolls without slip on a triangular block of mass m, which can slide on a frictionless floor. Use the horizontal translation of the block (to the...
-
Chemical and mechanical engineers often need to know the vapor pressure of water at various temperatures (the "infamous" steam tables can be used for this). Below are data on the vapor pressure of...
-
Impala Window Washing Services prepares adjustments monthly and shows the following selected accounts on its December 31, 2014, unadjusted trial balance: Required Prepare the required monthly...
-
Robert is planning to open his own residential building design business. What nontax factors should Robert consider as he chooses his business entity? Discuss and explain whether the nontax factors...
-
On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the...
-
11. Let f(z) = z3. For z1 = 1 and z2 y = 1 x joining z1 and z2 such that i, show that there do not exist any point c on the line f(21)-f(22) = f'(c) Z1-22 (Mean value theorem does not extend to...
-
Distinguish between a consent dividend and deficiency dividend.
-
What is significant participation, and why is it notable?
-
Explain the rules for nonrecognition of gain in an involuntary conversion.
-
When is rent excluded from PHCI?
-
Describe the two tests that are often utilized to determine whether income is business income.
-
The world is coming through a global pandemic. The Federal Reserve Chairman, Jerome Powell reacted swiftly to the shutdown in the US, adding many liquidity measures that were used during the recovery...
-
In a nonmagnetic medium, E = 50 cos (10 9 t 8x) a y + 40 sin (10 9 t 8x) a z V/m find the dielectric constant r and the corresponding H.
-
Describe two approaches to listing the expenses in the income statement.
-
Identify the source of the information needed to prepare the income statement.
-
On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the...
-
Apple stock is selling for \($120\) per share. Call options with a \($117\) exercise price are priced at \($12.\) What is the intrinsic value of the option, and what is the time value?
-
Refer to Problem 14.9. What would the loss of the seller of the put option be if, at expiration, XLB is trading at \($20?\) What would the profit of the seller be if, at expiration, XLB is trading at...
-
Ibrahim bought 200 shares of a stock trading in the Abu Dhabi Securities Exchange at AED 12 (United Arab Emirates dirham) per share. Over time, the price of the stock increased to AED 18 per share....
Study smarter with the SolutionInn App