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ACC - Matthews Delivery Service, Inc.,




Question;Matthews Delivery Service, Inc., completed the following transactions during its first month of operations for January 2012:Matthews Delivery Service, Inc., began operations by receiving $6,000 cash and a truck valued at $11,000. The business issued common stock to acquire these assets.Paid $300 cash for supplies.Prepaid insurance, $700.Performed delivery services for a customer and received $800 cash.Completed a large delivery job, billed the customer $1,500, and received a promise to collect the $1,500 within one week.Paid employee salary, $700.Received $12,000 cash for performing delivery services.Collected $600 in advance for delivery service to be performed later.Collected $1,500 cash from a customer on account.Purchased fuel for the truck, paying $200 with a company credit card. (Credit Accounts Payable)Performed delivery services on account, $900.Paid office rent, $600. This rent is not paid in advance.Paid $200 on account.Paid cash dividends of $2,100.Matthews Delivery Service, Inc. had the following adjustments for the data given at January 31, 2012:Accrued salary expense, $700.Depreciation Expense, $60.Prepaid insurance expired, $250.Supplies on hand, $200.


Paper#44253 | Written in 18-Jul-2015

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