Comprehensive Problem 2 for Chapters 1-4 This comprehensive problem is a continuation of Comprehensive Problem 1. Murphy Delivery Service has completed closing entries and the accounting cycle for 2018. The business is now ready to record January 2019 transactions. Jan. 3 12 15 18 220 5 Collected $200 cash from customer on account. Purchased office supplies on account, $1,000. Performed delivery services for a customer and received $3,000 cash. Paid employee salary, including the amount owed on December 31, $4,100. Performed delivery services on account, $1,350. Paid $300 on account. 24 Purchased fuel for the truck, paying $200 cash. 27 Completed the remaining work due for Unearned Revenue. Paid office rent, $2,200, for the month of January. Collected $3,000 in advance for delivery service to be performed later. 28 30 31 Murphy withdrew cash of $1,500. HORNGREN'S ACCOUNTING - 12th Edition Comprehensive Problem 2 For Chapters 1-4 Requirements 1. Record each transaction in the journal. Explanations are not required. Ledger Bool 2. Post the transactions in the F-accounts. Don't forget to use the December 31, 2018 ending balances as appropriate. 3. Prepare an unadjusted trial balance as of January 31, 2019. 4. Prepare a worksheet as of January 31, 2019. (optional) 5. Journalize the adjusting entries using the following adjustment data. Post adjusting entries to the F-accounts. Ledger Book 6. Prepare an adjusted trial balance as of January 31, 2019. 7. Prepare Murphy Delivery Service's income statement and statement of owner's equity for the month ended January 31, 2019, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount that is, the largest expense first, the smallest expense last. Calculate the following ratios as of January 31, 2019 for Murphy Delivery Service: return on assets, debt ratio, and current ratio. expenses in decreasing ora that is, the largest expense first, the smallest expense last HORNGREN'S ACCOUNTING 12th Edition Solution: Requirement 1 Date Accounts and Explanation Debit Credit apter 4: Completing the Accounting Cycle largest expense first, the smallest expense last. osing entries, and post to the T-accounts. Post-closing trial balance as of December 31, 2018. HORNGREN'S ACCOUNTING - 12th Edition Requirement 2,5 Requirement 3 MURPHY DELIVERY SERVICE Unadjusted Trial Balance January 31, 2018 Account Title apter 4: Completing the Accounting Cycle Balance Debit Credit Requirement 4 Unadjusted Trial Balance Account Names Debit MURPHY DELIVERY SERVICE Worksheet January 31, 2019 Adjustments Adjusted Trial Balance Income Statement Balance Sheet Credit Debit Credit Debit Credit Debit Credit Debit Credit ter 4: Completing the Accounting Cycle Page 5 of 1 HORNGREN'S ACCOUNTING - 12th Edition Requirement 5 Date Accounts and Explanation Debit Credit : Completing the Accounting Cycle the largest expense first, the smallest expense last. list expenses in decreasing order by ournalize the closin HORNGREN'S ACCOUNTING - 12th Edition Requirement 6 MURPHY DELIVERY SERVICE Adjusted Trial Balance January 31, 2019 Account Title pter 4: Completing the Accounting Cycle Balance Debit Credit income statement, list expenses in decreasing order by ant-that is, the largest expense fire shall Journali WORNGREN'S ACCOUNTING - 12th Edition Requirement 7 MURPHY DELIVERY SERVICE Income Statement Month Ended January 31, 2019 MURPHY DELIVERY SERVICE Statement of Owner's Equity Month Ended January 31, 2019 pter 4: Completing the Accounting Cycle ORNGREN'S ACCOUNTING - 12th Edition MURPHY DELIVERY SERVICE Balance Sheet January 31, 2019 Assets Liabilities Owner's Equity ter 4: Completing the Accounting Cycle