Arab Delivery Service, Inc. completed the following transactions during January, 2017:

a. Shareholders invested in the business $26,000 cash and a delivery truck valued at $40,000 in exchange for common stock.

b. Purchased supplies for $1,200 cash.

c. Paid $2,600 for a one-year insurance policy, effective January1.

d. Performed delivery services for a customer and received $1,800 cash.

e. Completed a large delivery job for a customer on account for $7,000.

f. Paid $4,000 for employee salaries.

g. Performed delivery services for customers and received $50,000 cash.

h. Collected $2,000 in advance for delivery service to be performed later.

i. Collected $3,000 cash from a customer on account.

j. Purchased fuel for the truck , paying $1,200 with a company credit card (Credit accounts payable).

k. Performed delivery services on account, $3,600.

l. Paid office rent $2,400.

m. Paid $1,000 for accounts payable.

n. Paid cash dividends of $8,000

5- Journalize and post the adjusting entries.

Answer rating: 100% (QA)

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