Alternate problem C Rapid Pick Up & Delivery, Inc., was organized 2010 January 1. Its chart of accounts is as follows:

Acct.

No. Account title 100 Cash 103 Accounts receivable 150 Trucks 160 Office furniture 172 Office equipment 200 Accounts payable 201 Notes payable 300 Capital stock 310 Retained earnings 400 Service revenue 506 Gas and oil expense 507 Salaries expense 511 Utilities expense 512 Insurance expense 515 Rent expense 530 Repairs expense Jan. 1 The company received USD 560,000 cash and USD 240,000 of office furniture in exchange for USD 800,000 of capital stock.

2 Paid garage rent for January, USD 6,000.

4 Purchased computers on account, USD 13,200.

6 Purchased delivery trucks for USD 280,000; payment was made by giving cash of USD 150,000 and a 30-day note for the remainder.

Jan 12 Purchased insurance for January on the delivery trucks. The cost of the policy, USD 800, was paid in cash.

15 Received and paid January utilities bills, USD 960.
15 Paid salaries for first half of January, USD 3,600.
17 Cash received for delivery services to date amounted to USD 1,800.
20 Received bill for gasoline purchased and used in January, USD 180.
23 Purchased delivery trucks for cash, USD 108,000.
25 Cash sales of delivery services were USD 2,880.
27 Purchased a copy machine on account, USD 3,600.
31 Paid salaries for last half of January, USD 4,800.
31 Sales of delivery services on account amounted to USD 11,400.
31 Paid for repairs to a delivery truck, USD 1,120.

a. Prepare general ledger accounts for all these accounts except Retained Earnings. The Retained Earnings account has a beginning balance of zero and maintains this balance throughout the period.

b. Journalize the transactions given for 2010 January in the general journal.

c. Post the journal entries to ledger accounts.

d. Prepare a trial balance as of 2010 January 31.