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Manning Accounting

The document is a general journal for Manning Delivery Services for the month of December 2016. It records various transactions including the purchase of prepaid insurance, office supplies, salaries paid, services performed for cash and accounts receivable, fuel purchases, rent paid, depreciation of a truck, and various expenses. At the end of the month, revenue and expenses are closed out to an income summary account and owners' equity is adjusted for net income and withdrawals. Trial balances and financial statements are also included summarizing the company's financial position at December 31, 2016.

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86 views

Manning Accounting

The document is a general journal for Manning Delivery Services for the month of December 2016. It records various transactions including the purchase of prepaid insurance, office supplies, salaries paid, services performed for cash and accounts receivable, fuel purchases, rent paid, depreciation of a truck, and various expenses. At the end of the month, revenue and expenses are closed out to an income summary account and owners' equity is adjusted for net income and withdrawals. Trial balances and financial statements are also included summarizing the company's financial position at December 31, 2016.

Uploaded by

api-313254091
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GENERAL JOURNAL

Date
Account Names
12/1/16 Cash
Truck
Manning Capital
"Owners Capital"
12/1/16 Pre-Paid Insurance
Cash
" Nine Months prepurchased insurance"
12/4/16 Office Supplies
Cash
"Purchased Office Supplies"
12/12/16 Cash
Service Revenue
"Performed Service for Cash"
12/15/16 Account's Receivable
Service Revenue
"Performed Service on Account"
12/18/16 Salaries Expense
Cash
"To Record Salaries paid"
12/20/16 Cash
Service Revenue
"Performed Service's for Cash"
12/22/16 Cash
Unearned Revenue
"Delivery to be Completed Later"
12/25/16 Cash
Accounts Receivable
"Cash Collected On Account"
12/27/16 Fuel Expense
Accounts Payable
"Fuel Purchase"
12/28/16 Accounts Receivable
Service Revenue
"Performed Service On Account"
12/29/16 Rent Expense
Cash
"December Rent"
12/30/16 Accounts Payable
Cash
"Paid Cash On Account
12/31/16 Manning, Withdrawl
Cash
"Owners Withdrawl"
12/31/16 Salaries Expense
Salaries Payable
"To Record Salaries Owed"
12/31/16 Depreciation Expense
Accumulated Depreciation Truck
"To Record Depreciation of Truck"
12/31/16 Insurance Expense
Prepaid Insurance
"To Record Insurance expense"
12/31/16 Supplies Expense
Office supplies
"To Record Office Supplies Used"
12/31/16 Unearned Revenue

Debit
8,000
12,000

Credit

20,000
900
900
500
500
1,800
1,800
2,600
2,600

700
700

3,000
3,000
1,100
1,100
2,600
2,600
250
250
1,700
1,700
1,200
1,200
250
250
2,400
2,400
700
700
100
100
100
100
350
350
900

Service Revenue
"To Record Unearned Revenue"
12/31/16 Accounts Receivable
Service Revenue
"To Accrue Service Revenue"
12/31/16 Service Revenue
Income Summary
"To Close Service Revenue
12/31/16 Income Summary
Salaries Expense
Fuel Expense
Rent Expense
Depreciation Expense
Supplies Expense
Insurance Expense
"To Close Expenses
12/31/16 Manning, Capital
Income Summary
"To Close Expenses
12/31/16 Manning, Withdrawl
Manning Capital
"To close Withdrawls"

900
1,250
1,250
11,250
11,250
3,400
1,400
250
1,200
100
350
100
7,850
7,850
2,400
2,400

12/1
12/12
12/20
12/22
12/25

Cash
8000 900
1800 500
3000 700
1100 1200
2600 250
2400

12/1
12/4
12/18
12/29
12/30
12/31

Bal.

10550
Prepaid Insurance
12/1
900 100
12/31

GENERAL LEDGER
Accts. Rec
12/15 2600 2600
12/25
12/28 1700
12/31 1250

Bal. 2950
Truck
12/1 12000

Office Supplies
500 350
12/31

Bal. 150
Accum. Deprec.- Truck
100
12/31

Bal.

800
Accounts Payable
12/30 250
250
12/27

Bal.

Bal. 0

Bal. 700
Withdrawls
12/31 2400 2400 clos. 4

Bal. 200
Income Summary
Clos.1 3400 11250 Clos. 2
Clos.3 7850 Bal. 7850

Bal. 0
Salaries Expense
12/18 700
1400 Clos. 1
12/31 700

Bal. 0
Depreciation Exp. - Truck
12/31 100 100 Clos. 1

Bal. 0

Insurance Expense
12/31 100 100 Clos. 1

Bal. 0
GENERAL LEDGER
Fuel Expense
12/27 250 250
Clos.1

Bal. 0

Bal. 0

Bal. 0

Capital
Clos. 2400
20000 12/1
7850
Clos.3

Bal. 25450
Service Revenue
12/31 11250 1800
12/12
2600
12/15
3000
12/20
1700 12/28
900
12/31
1250 12/31
Bal. 0

Rent Expense

12000
Salaries Payable
700
12/31

12/4

Bal.
100
Unearned Revenue
12/31 900
1100
12/22

12/31

Supplies Expense
350 350
Clos. 1

12/29

Bal. 0

1200 1200

Clos.1

UNADJUSTED TRIAL BALANCE

Account Name

Debit

Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Truck
Unearned Revenue
Manning, Capital
Manning, Withdrawl
Service Revenue
Salaries Expense
Fuel Expense
Rent Expense
Total

Credit

10,550
1,700
500
900
12,000
1,100
20,000
2,400
9,100
700
250
1,200
$

30,200 $

30,200

TRIAL BALANCE

Account Name

Debit

Cash
Accounts Receivable
Office Supplies
Prepaid Insurance
Truck
Accumulated Depreciation-Truck
Accounts Payable
Salaries Payable
Unearned Revenue
Manning, Capital
Manning, Withdrawl
Service Revenue
Salaries Expense
Depreciation Expense-Truck
Insurance Expense
Fuel Expense
Rent Expense
Supplies Expense
Total

Credit

10,550
2,950
150
800
12,000
100
0
700
200
20,000
2,400
11,250
1,400
100
100
250
1,200
350
$

32,250 $

32,250

Income Statement
Manning Delivery Services Income Statement
Income Statement
One Month Endeing December 31, 2016
Debits
Credits
Revenue:
Service Revenue
$
11,250
Expenses:
Salaries Expense
1,400
Rent Expense
1,200
Insurance Expense
100
Fuel Expense
250
Depreciation Expense
100
Supplies Expense
350
Total Expense
Net Income

3,400
$

3,850

Statement Of Changes In Owner's Equity


Manning Delivery Services
Statement Of Changes In Owner's Equity
One Month Endeing December 31, 2016
Manning, Capital December 1
$
Owners Contribution
Net Income December

20,000
7,850

Owners, Withdrawls

(2,400)

Manning, Capital December 31, 2016

25,450

Balance Sheet
Manning Delivery Services
Balance Sheet
December 31,2016
Assets

Liablitites

Cash

$ 10,550 Accounts Payable

Accounts Receivable

2,950 Salaries Payable

Office Supplies

Less: Accum. Depr. Truck

Total Assets

700

150 Unearned Revenue

Prepaid Insurance
Truck

200

800
12,000
(100)

11,900

$ 26,350 Total Liabilites

900

Owners Equity
Manning Capital

$ 25,450

Total Liab. and Owners Equity

$ 26,450

Post-Closing Trial Balance


Manning Delivery Services
Post-Closing Trial Balance
December 31,2016
Cash
$
10,550
Accounts Receivable
2,950
Office Supplies
150
Prepaid Insurance
800
Truck
12,000
Accumulated Depreciation-Truck
$
Salaries Payable
Unearned Revenue
Manning, Capital
Total
$
26,450 $

100
700
200
25,450
26,450

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