Micron Delivery Service has completed closing entries and the accounting cycle for 2024. The classified balance sheet on December 31, 2024 follows: Click the icon to view the December balance sheet) The business is now ready to record January 2025 transactions view the transactions.) (Click the icon to v Read the requirements Requirement 1. Record each January transaction in the journal. Explanations are not required. (Record debits first then credits. Exclude explanations from journal entries.) Jan. 3: Collected $1,100 cash from customer on account. Date Accounts Jan. 31 Cash Accounts Receivable Jan. 5: Purchased office supplies on account, $500. Date Jan. 5 Office Supplies Accounts Payable Accounts Debit Credit 1,100 1.100 Debit Credit 500 Jan. 12: Performed delivery services for a customer and received $1,200 cash. Date Jan. 12 Cash Service Revenue Accounts 500 Debit Credit 1,200 1,200 Jan. 15: Paid employee salary including the amount owed on December 31, $3,300. (The total cash paid of $3,300 includes the amount owed on December 31.) Date Accounts Jan. 15 Accounts Receivable Service Revenue Debit Credit 3300 3300 list Micron Delivery Service has completed closing entries and the accounting cycle for 2024. The classified balance sheet on December 31, 2024 follows: Click the icon to view the December balance sheet) The business is now ready to record January 2025 transactions. Click the icon to view the transactions.) Read the requirements Requirement 1. Record each January transaction in the joumal. Explanations are not required. (Record debits first then credits. Exclude explanations from journal entries) Jan. 3: Collected $1,100 cash from customer on account Date Accounts Jan. 3 Cash Accounts Receivable Jan. 5: Purchased office supplies on account, $500 Date Jan. 5 Office Supplies Accounts More info Collected $1,100 cash from customer on account Debit Credit 1,100 1,100 Debit Credit 500 500 Jan. 3 Credit Jan. 5 Purchased office supplies on account, $500. Jan. 12 Performed delivery services for a customer and received $1,200 cash 1.200 Jan. 15 Paid employee salary including the amount owed on December 31, $3,300. (The total cash paid of $3,300 includes the amount owed on December 31.) Jan. 18 Performed delivery services on account. $1,450. Jan. 20 Paid $100 on account. he total cash paid of $3,300 Jan. 24 Purchased fuel for the truck, paying $300 cash Credit Jan. 27 Completed the remaining work due for Uneamed Revenue Jan. 28 Paid office rent, $1,700, for the month of January 3300 Jan. 30 Collected $1,300 in advance for delivery service to be performed ar Jan. 31 Cash dividends of $2,500 were paid to stockholders Print Done 1 list and the accounting cycle for 2024. The classified balance sheet on December 31, 2024 follows: (Click the icon to view the December balance sheet) CEED 2025 transactions Click the icon to view the transactions.) Read the requirements Requirement 1. Record each January transaction in the joumal Explanations are not required. (Recond debits first then credits. Exclude explanations from journal entries.) Jan. 3: Collected $1,100 cash from customer on account Date Jan. 3 Cash Reference Accounts Micron Delivery Service Balance Sheet December 31, 2024 Assets Current Assets: Cash Accounts Receivable S 17,135 2.550 Debit Credit 1,100 1,100 - X Credit 500 Office Supplies Prepaid Insurance Total Current Assets 250 Credit 0680 S 20.615 1,200 Plant Assets: Truck 18,000 (110) Less: Accumulated Depreciation-Truck otal cash paid of $3,300 Total Plant Assets 17,390 38,505 Total Assets Credit Liabilities Current Liabilities 3300 Salaries Payable Unearned Revenue Total Liabilities $ 1700 100 1.800 Stockholders' Equity Common Stock 34.000 2705 Retained Eamings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 36,705 38.505 Print Done list Micron Delivery Service has completed closing entries and the accounting cycle for 2024. The classified balance sheet on December 31, 2024 follows: Click the icon to view the December balance sheet.) The business is now ready to record January 2025 transactions (Click the icon to view the transactions.) Read the requirements Requirement 1. Record each January transaction in the journal. Explanations are not required. (Record debits first. then credits. Exclude explanations from joumal entries) Jan. 3: Collected $1,100 cash from customer on account. Date Accounts Jan 3 Cash Accounts Receivable Debit Credit 1,100 1,100 Requirements 1. Record each January transaction in the journal. Explanations are not required. 2. Post the transactions in the T-accounts. Don't forget to use the December 31, 2024, ending balances as appropriate. 3. Prepare an unadjusted trial balance as of January 31, 2025 4. Prepare a worksheet as of January 31, 2025. 5. Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts. Adjustment data: a. Office Supplies on hand, $250, b. Accrued Service Revenue, $4,400. c. Accrued Salaries Expense. $1,100. d. Prepaid Insurance for the month has expired. (On December 1, Micron paid $765 cash for a nine-month insurance policy. The policy began December 1. On December 31 Micron recorded $85 as an expense for the expiration of this prepaid insurance for the month of December.) e. Depreciation was recorded on the truck for the month. (On December 1, Micron received a truck valued at $18,000 from Radley Micron. On December 31, Micron recorded $110 as an expense for the month of December for depreciation on the truck using the straight-line method, a useful life of 5 years, and a salvage value of $11.400.) 6. Prepare an adjusted trial balance as of January 31, 2025 7. Prepare Micron Delivery Service's income statement and statement of retained earnings for the month ended January 31, 2025, 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. 8. Calculate the following ratios as of January 31, 2025 for Micron Delivery Service: return on assets, debt ratio, and current ratio. - x Credit 500 Credit 1,200 e total cash paid of $3.300 Credit 3300 Print Done