Fast Delivery Service began operations during May of the current year. In a short period thereafter,...

 

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Fast Delivery Service began operations during May of the current year. In a short period thereafter, the entity in these transactions: a. Mr. Imran deposited $3,500cash in a bank account entitled Fast Delivery Service, and also invested in the business a delivery truck valued at $8,000. b. Purchased $40 fuel for the delivery truck. c. Paid $100 cash for supplies. d. Completed a delivery job and received cash, $700. e. Performed delivery services on account to Mr. Khan, $3,200. f. Purchased advertising leaflets for cash, $200. g. Paid the office manager salary, $950. h. Received $1,000 cash for performing delivery services. i. Rendered services to client and received cash $1,800. j. Purchased office furniture on account from Mr. Bee, $600. k. Paid office utility bills, $120. 1. Purchased $70 fuel on account for the truck. m. Completed a delivery job and received the customer's promise to pay the amount due, $100, within ten days. n. Paid cash to Mr. Bee $200. o. Paid $250 for repairs to the delivery truck. p. Paid office manger the salary of $950 and office rent of $250. q. Draw $100 for personal use. INSTRUCTION A: Prepare journal entries B: Post to ledger accounts C: Prepare a trial balance at July 31, 2022 Fast Delivery Service began operations during May of the current year. In a short period thereafter, the entity in these transactions: a. Mr. Imran deposited $3,500cash in a bank account entitled Fast Delivery Service, and also invested in the business a delivery truck valued at $8,000. b. Purchased $40 fuel for the delivery truck. c. Paid $100 cash for supplies. d. Completed a delivery job and received cash, $700. e. Performed delivery services on account to Mr. Khan, $3,200. f. Purchased advertising leaflets for cash, $200. g. Paid the office manager salary, $950. h. Received $1,000 cash for performing delivery services. i. Rendered services to client and received cash $1,800. j. Purchased office furniture on account from Mr. Bee, $600. k. Paid office utility bills, $120. 1. Purchased $70 fuel on account for the truck. m. Completed a delivery job and received the customer's promise to pay the amount due, $100, within ten days. n. Paid cash to Mr. Bee $200. o. Paid $250 for repairs to the delivery truck. p. Paid office manger the salary of $950 and office rent of $250. q. Draw $100 for personal use. INSTRUCTION A: Prepare journal entries B: Post to ledger accounts C: Prepare a trial balance at July 31, 2022

Answer rating: 100% (QA)

A Journal Entries Question 1 Journal Entries Date Account Debit Credit May 1 Cash 3500 Delivery Truck 8000 Question 2 Journal Entries Date Account Debit Credit May 2 Fuel Expense 40 Cash 40 Question 3 ... View the full answer