Complete the Excel file

Principles of Accounting Review
Transactions:
Murphy Delivery Service completed the following transactions during December 2024:
Murphy Delivery Service began operations by receiving $15,000 cash and a
Dec.
truck with a fair value of $9,000 from Russ Murphy. The business issued
1
Murphy shares of common stock in exchange for this contribution.
1
4
12
15
18
20
22
25
27
28
29
30
31
Paid $600 cash for a six-month insurance policy. The policy begins December
1.
Paid $750 cash for office supplies.
Performed delivery services for a customer and received $5,200 cash.
Completed a large delivery job, billed the customer, $3,300, and received a
promise to collect the $3,300 within one week.
Paid employee salary, $800.
Received $7,000 cash for performing delivery services.
Collected $2,200 in advance for delivery service to be performed later.
Collected $3,300 cash from customer on account.
Purchased fuel for the truck, paying $150 on account. (Credit Accounts
Payable)
Performed delivery services on account, $1,400.
Paid office rent, $1,400, for the month of December.
Paid $150 on account.
Cash dividends of $5,000 were paid to stockholders.
Adjustment data 12/31/2024:
a.
b.
c.
d.
e.
f.
Accrued Salaries Expense, $800.
Depreciation was recorded on the truck using the straight-line method.
Assume a useful life of four years and a salvage value of $1,800.
Prepaid Insurance for the month has expired.
Office Supplies on hand, $450.
Unearned Revenue earned during the month, $700.
Accrued Service Revenue, $450.
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PRINCIPLES OF ACCOUNTING REVIEW
Requirements:
1. Record each transaction in the journal. Explanations are not required. Refer to the t accounts for
account names. The transactions are on the ‘Data’ tab and the template is below.
2. Post the transactions in the T-accounts below.
3. Prepare an unadjusted trial balance (below) as of December 31, 2024. (DR=CR)
4. Journalize the adjusting entries using the adjustment data on the data tab.
Post adjusting entries to the T-accounts.
5. Prepare an adjusted trial balance (below) as of December 31, 2024.
6. Prepare Murphy’s income statement and statement of retained earnings for the month ended
December 31, 2024, 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.
Templates are below.
7. Journalize the closing entries and post to the T-accounts.
8. Prepare a post- closing trial balance (below) as of December 31, 2024.
515
PRINCIPLES OF ACCOUNTING REVIEW
Complete the following:
Requirement 1
Date
Accounts
Debit
Credit
615
PRINCIPLES OF ACCOUNTING REVIEW
Requirement 2, 4 and 7.
Cash
1-Dec
Accounts Payable
15,000
Salaries Payable
Accounts Receivable
Unearned Revenue
Office Supplies
Retained Earnings
715
PRINCIPLES OF ACCOUNTING REVIEW
Common Stock
Dividends
Prepaid Insurance
Income Summary
Truck
Service Revenue
Accumulated Depreciation—Truck
Salaries Expense
Depreciation Expense—Truck
Insurance Expense
Fuel Expense
Rent Expense
Supplies Expense
815
PRINCIPLES OF ACCOUNTING REVIEW
Requirement 3
Murphy Delivery Service
Unadjusted Trial Balance
December 31, 2024
Account Title
Balance
Debit
Credit
915
PRINCIPLES OF ACCOUNTING REVIEW
Requirement 4
Date
Accounts
Debit
Credit
1015
PRINCIPLES OF ACCOUNTING REVIEW
Requirement 5
Murphy Delivery Service
Adjusted Trial Balance
December 31, 2024
Account Title
Balance
Debit
Credit
1115
PRINCIPLES OF ACCOUNTING REVIEW
Requirement 6
Murphy Delivery Service
Income Statement
Month Ended December 31, 2024
Murphy Delivery Service
Statement of Retained Earnings
Month Ended December 31, 2024
1215
PRINCIPLES OF ACCOUNTING REVIEW
Murphy Delivery Service
Balance Sheet
December 31, 2024
1315
PRINCIPLES OF ACCOUNTING REVIEW
Requirement 7
Date
Accounts
Debit
Credit
1415
PRINCIPLES OF ACCOUNTING REVIEW
Requirement 8
Murphy Delivery Service
Post-Closing Trial Balance
December 31, 2024
Account Title
Balance
Debit
Credit
1515