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Matthias Investigative Consulting Services completed the following transactions during November 20XX: Nov. 1 TC Matthias contributed cash of $20,000 and two cars with a fair market value of $30,000 to start a company called Matthias Investigative Consulting Service. TC received capital in exchange for his contribution 1 Purchased a six-month insurance policy for $1,200. The policy begins November 1. 1 Paid $2,000 for November rent 8 Performed consulting services for James Company and received $3,000 in cash. 10 Matthias performed consulting services for the Irving Corporation. Matthias billed the customer $5,000. Customer agreed to make payment within 14 days. 15 Employee salaries paid, $2,000. 19 Received $20,000 cash for investigating a company's competitor. 23 Received a signed retainer and $9,000 cash for services to be performed for Turner. 24 Collected $5,000 from Irving 26 Bought gas for company car, paying $100 on account 28 Paid $700 cash for office supplies. 30 Paid $100 on account. 30 TC Matthias withdrew $7,000 Requirements - Read Very Carefully: 1. Prepare journal entries for each transaction using the following chart of accounts: Cash TCM C Matthias, Withdrawals Accounts Receivable Income Summary Office Supplies Service Revenue Prepaid Insurance Salaries Expense Cars Depreciation Expense - Cars Accumulated Depreciation - Cars Insurance Expense Accounts Payable Gas Expense Salaries Payable Rent Expense Unearned Revenue Supplies Expense TC Matthias, Capital 2. Post the transactions to T-accounts 3. Prepare an unadjusted trial balance as of November 30, 20XX 4. Prepare a worksheet as of November 30, 20XX 5. Journalize the adjusting entries for the following adjustment data and taking into account journal entries in requirement 1. Post adjusting entries to the T-accounts. Adjustment data: a. Accrued Salaries Expense $2,000. I b. Depreciation was recorded on the cars using the straight-line method. Assume a useful life of five years and a salvage value of $5,000 c. Prepaid Insurance for the month has expired d. Office Supplies on hand, $200 e. Unearned Revenue earned during the month, $3,000 f. Accrued Service Revenue, $1,000 6. Prepare an adjusted trial balance as of November 30, 20XX. 7. Prepare Matthias Investigative Consulting Services income statement and statement of owner's equity for the month ended November 30, 20XX, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount ----the largest expense first, the smallest expense last. 8. Journalize the closing entries, and post to the T-accounts. 9. Prepare a post-closing trial balance as of November 30, 20XX. A I SOLUTION Requirement 1 Credit Date Accounts Dec. 1 | Cash Truck Matthias, Capital Debit 20,000 30,000 - 50,000 1,200 1 Prepaid Insurance Cash 1,200 700 4 Office Supplies Cash 700 12 Cash Service Revenue 15 Accounts Receivable Service Revenue 18 Salaries Expense Cash 2,000 2,000 20 Cash 3,000 Service Revenue 3,000 22 Cash Unearned Revenue 25 Cash Accounts Receivable 100 27 Fuel Expense Accounts Payable 100 28 Accounts Receivable Service Revenue 5,000 5.000 29 Rent Expense Cash 2,000 2,000 es) References Mommy V Aa AL AaBbCcDdEe AaBbCcDdEe . . A - LA Normal No Spacing v Heading 1 Title Heading 2 Sub Comprehensive Problem 1, cont. Requirement 1, cont. Dec. 30 Accounts Payable Cash 31 Matthias, Withdrawals Cash Accounts Payable Dec. 1 Dec. 30 300 300 Dec. 27 Dec. 4 Dec. 18 Bal 0 Requirement 2,5,8 Cash 10,00 1,00 Dec. 1 00 Dec. 12 2,000 500 Dec. 15,00 1,00 20 00 Dec. 1,60 22 8000 Dec. 25 2,500 300 3,00 0 Bal. 22,90 0 Dec. 29 Dec. 30 Salaries Payable 1,000 Dec. 31 Adj. 1,000 Bal. Unearned Revenue Accounts Receivable Dec. 2,50 15 2,500 0 Dec. 25 Dec 700 28 Adj. 650 Bal 1,350 Adj 300 800 Dec. 22 500 Bal. Office Supplies 500 400 Dec. 4 Adj Clos. Dec. 1 Magness, Capital 30,00 3,000 0 16,35 0 43,35 0 Clos. Bal. 100 Bal Prepaid Insurance Magness, Withdrawals States erences cebde AaBbCcDdEe AaBbc AaBbccc Title su v ! III Heading 1 Heading 2 Normal No Spacing Av ilil Prepaid Insurance 1.000 250 Adj. Dec. 31 Magness, Withdrawals 3,000 3,000 Clos. Dec. 1 Bal. I et Bal. 750 Mailings References Review View Tell me AabbCcDdfe AaBbc dee AaBbc AaBbcc A Aav LA Normal No Spacing Heading 1 Heading 2 Comprehensive Problem , cont. Requirement 2, 5, 8, cont. Truck Dec. 1 20,00 0 Clos. Clos. Income Summary 21,15 4,8000 16,35 16,35 00 Clos. Bal. Bal. 0 20,00 Bal. 0 Accumulated Depreciation Truck 250 Adi Service Revenue 2,000 Dec. 12 Dec. 15 *** 2,500 15,00 0 Dec. 20 Dec. 28 700 300 Adj. Adj. 650 21,15 21,15 0 0 Clos. Bal. Bal. 0 Salaries Expense Dec. 18 Adj. Bal. 1,000 1,000 2,000 2,000 Clos Bal. 0 Depreciation Expense Truck Adj. 250 Bal. Clos 250 250 Bal. 0 Insurance Expense 250 Adi. Bal. 250 250 Clos Bal 0 tes) . = = Title Heading 2 ilil s 110 Normal Heading 1 No Spacing A~ Fuel Expense Dec. 27 300 Clos Bal. 300 300 Bal. 0 Rent Expense Dec. 1,600 29 Clos Bal 1,600 1,600 Bal 0 Comprehensive Problem 1 Requirement 2, 5, 8, cont. Supplies Expense 400 Adj. Clos 400 400 Bal. Bal. 0 Requirement 3 MATTHIAS DELIVERY SERVICE Unadjusted Trial Balance November 30, 2016 Account Title Balance Debit $ Credit Cash Accounts Receivable Office Supplies Prepaid Insurance Truck Uncamed Revenue Magness, Capital Magness, Withdrawals Service Revenue Salaries Expense Fuel Expense Rent Expense Total S S lol Comprehensive Problem 1, cont. Requirement 4 MAGNESS DELIVERY SERVICE Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Dehit Credit Debit Credit Debit Credit Balance Income Statement Debit Credit Dehit unt Names Receivable plies surance ciation-Truck Payable yable Revenue Capital Withdrawals Venue pense on Expense b. C Expense nse nse xpense d. I Review View ences Mailings Acede AabbedEe No Spacing AaBbc AaBbcc AaBl Ag A Su Heading 2 Normal Heading 1 Aw Comprehensive Problem I, cont. Requirements Debit Credit Date a Accounts Salaries Expense Salaries Payable b. Depreciation Expense Truck Accumulated Depreciation --Truck c. Insurance Expense Prepaid Insurance d. Supplies Expense Office Supplies e. Uneamed Revenue Service Revenue f. Accounts Receivable Service Revenue I O Focus 000 000 F5 Title Normal No Spacing Heading 1 Heading 2 III Comprehensive Problem I, cont. Requirement 6 MATTHIAS DELIVERY SERVICE Adjusted Trial Balance December 31, 2016 Account Title Balance Debit Credit Cash Accounts Receivable Office Supplies Prepaid Insurance Truck Accumulated Depreciation --Truck Salaries Payable Unearned Revenue Magness, Capital Magness, Withdrawals Service Revenue Salaries Expense Depreciation Expense Truck Insurance Expense Fuel Expense Rent Expense Supplies Expense Total I Focus 000 000 F4 oll FS DD TI Comprehensive Problem 1, cont. Requirement 7 MATTHIAS DELIVERY SERVICE Income Statement Month Ended November 30, 20XX $ Revenues: Service Revenue Expenses: Salaries Expense Rent Expense Depreciation Expense--Truck Fuel Expense Insurance Expense Supplies Expense Total Expenses Net Income MAGNESS DELIVERY SERVICE Statement of Owner's Equity Month Ended December 31, 2016 Magness, Capital, December 1, 2016 Owner contribution Net income for the month Owner withdrawal Magness, Capital, December 31, 2016 I es) Focu Abcoudte il Title Heading 1 Heading 2 Normal No Spacing Comprehensive Problem 1, cont. Requirement 7, cont. MAGNESS DELIVERY SERVICE Balance Sheet December 31, 2016 Assets Current Assets: Cash Accounts Receivable Office Supplies Prepaid Insurance Total Current Assets Plant Assets Truck Less: Accumulated Depreciation - Truck Total Plant Assets Total Assets Liabilities Current Liabilities: Salaries Payable Unearned Revenue Total Current Liabilities Total Liabilities Focus 000 F4 DIL FB F5 F6 F7 F9 FVD Owner's Magnem, Capital Total Owner's 1 000 F4 F5 52 58 F Normal Title No Spacing Heading 2 Heading 1 Comprehensive Problem 1, cont. Requirements Debit Credit Date Accounts Dec. 31 Service Revenue Income Summary 31 Income Summary Salaries Expense Depreciation Expense --Truck Insurance Expense Fuel Expense Rent Expense Supplies Expense 31 Income Summary Magness, Capital 31 Magness, Capital Magness, Withdrawals Requirement 9 MAGNESS DELIVERY SERVICE Post-Closing Trial Balance December 31, 2016 Account Title Balance Debit Credit Cash Accounts Receivable Office Supplies Prepaid Insurance Truck Accumulated Depreciation Truck Accounts Payable Salaries Payable Uneamed Revenue Magness, Capital Total al es) C Focus COD 000