Mitchell Corporation Journal entries In this assignment excel templates needed so I provided to complete this assignment.Also I’ll be provided the question

Mitchell Corporation Journal entries In this assignment excel templates needed so I provided to complete this assignment.Also I’ll be provided the question Mitchell Corporation
Unadjusted Trial Balance
December 31, 2017
Debit
Cash
350,000
Common Stock
Totals
Credit
350,000
350,000
350,000
Adjusted Trial Balance
Adjustments
Debit
Credit
Debit
Credit
350,000
350,000
137,000
137,000
350,000
350,000
Balance Sheet
Assets:
Cash
350,000
Total Assets
350,000
Liabilities:
Total Liabiliies
0
Stockholder’s Equity:
Common Stock
Dividends
350,000

Total Stockholders Equitu
350,000
Total Stockholders’ Equity and Liabilities
350,000
Income Statement
Revenue

Expenses:
Total Expenses
0
Net Gain

Statement of stockholders’ EQUITY
Common Stock Retained Earings Total
1-Dec
Common Stock Issued
0
0
350,000
350,000
Net Gain


Dividends


31-Dec
350,000

350,000
1
Cash
350,000
Common Stock
350,000 1
350,000
350,000
Dividends

Supplies

Delivery Trucks
Notes Payable

Prepaid Insurance

Accounts payable
Wage expense


Revenue

Accounts receivable

Unearned Revenue

Fuel Expense


Lodging Expense

General Journal
Date
Dec. 1
Description
Cash
To record issuance of stock
3-Dec
To record purchase of Delivery truck with cash and notes payabe
3-Dec
To record purchase of annual insurance policy
4-Dec
To record purchase of packing supplies
8-Dec
To record payment of wages
10-Dec
To record sales revenue
12-Dec
To record payment of accounts payable balance
13-Dec
To record payment received on Accounts receivable
13-Dec
To record payment of wages
15-Dec
To record payment of fuel costs
15-Dec
To record cash received for future services
18-Dec
To record lodging costs
19-Dec
To record payment on Notes payable
19-Dec
To record services rendered
20-Dec
To record cash received from Accounts receivable
20-Dec
To record purchase of supplies on account
31-Dec
To record payment of dividend to shareholders
Adjusting Journal Entries
31-Dec
To recod one month of depreciation expense on delivery trucks
31-Dec
To recod one month of depreciation expense on delivery trucks
31-Dec
To record accrual of wages owed in Jan.
31-Dec
To record one month insurance expense
31-Dec
To record revenue on services rendered
General Journal
Ref#
Debit
1
Common stock
Credit
350,000
350,000
2
truck with cash and notes payabe
3
nsurance policy
4
5
6
7
s payable balance
8
n Accounts receivable
9
10
11
ure services
12
13
14
15
Accounts receivable
16
on account
17
to shareholders
Adjusting Journal Entries
a

ation expense on delivery trucks
b
ation expense on delivery trucks
c
d
e
On December 1, 2017, Jacqueline Mitchell formed a corporation to provide moving
services for business and residential customers. Information about the first month of
operation for Mitchell Moving, Inc. follows:
Reference
#
Date Transaction
1 12/1 Investors provided $350,000 of cash in exchange for stock of Mitchell
Corporation
2 12/3 Purchased a fleet of delivery trucks costing $600,000 in exchange for
200,000 cash and a $400,000 note payable
3 12/3 Paid for a one-year insurance policy for $24,000 cash.
4 12/4 Purchased $40,000 of packing supplies from Smith Inc. on account.
5 12/8 Paid wages of $35,400
6 12/10 Billed customers for services provided in the amount of $100,000
7 12/12 Paid $30,000 of the amount owed for the transaction on Dec 4
8 12/13 Collected $50,000 on accounts receivable
9 12/13 Paid wages of $45,000
10 12/15 Paid $15,000 for fuel costs used
11 12/15 Collected $85,000 as deposits from customers who contracted for future
moving services
12 12/18 Paid $5,500 for lodging costs incurred by crew
13 12/19 Paid $15,000 of the Note Payable.
14 12/19 Billed customers for services provided in the amount of $75,000
15 12/20 Collected $25,000 on accounts receivable
16
17
12/20
12/31 Purchased $10,000 of packing supplies on account
Paid a $25,000 dividend to shareholders.
REQUIRD
1
Prepare journal entries for transactions 1 – 17.
2
Post the transactions to the appropriate general ledger T accounts. Use the Ref #.
3
Prepare a trial balance as of December 31.
4
Prepare adjusting entries on December 31 based on the following additional
information.
a. The delivery trucks have a 5-year life, with no salvage value.
b. Supplies on hand at year end amount to $20,000.
c. Employees earned wages of $25,000 during December 2017, which will be paid
in January 2018.
d. The insurance policy covered a 12-month period.
e. Provided services in the amount of $50,000 for customers who paid deposits on
December 15th.
6
Prepare an adjusted trial balance as of December 31. Post the adjusting entries
using the format in Exhibit 3-4 from your text as a guide (p. 133).
Prepare an income statement, statement of stockholders’ equity and a classified
balance sheet as of the end of 2017. Please use good form including company
name and date.
7
Prepare closing entries.
8
Prepare a post-closing trial balance as of December 31, 2017.
9
Mitchell started out the month with $0 in cash. Compare the increase in cash to the
amount reported as Net Income on the Income Statement. What are the reasons
that these amounts differ? Be specific and explain in terms of accrual accounting
principles.
10 Comment on Mitchell Inc.’s profitability and its ability to pay its short and long
term obligations.

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