EXERCISE 2-14 The accounts in the ledger of Overnight Delivery Service

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Exercise 2-14

The accounts in the ledger of Overnight Delivery Service contain the following balances on July 31, 2017.

Accounts Receivable $7,400 Prepaid Insurance $2,100
Accounts Payable 9,000 Maintenance and Repairs Expense 600
Cash ? Service Revenue 10,000
Equipment 51,000 Owner’s Drawings 500
Gasoline Expense 600 Owner’s Capital 42,000
Utilities Expense 500 Salaries and Wages Expense 4,400
Notes Payable 17,000 Salaries and Wages Payable 600

Prepare a trial balance and fill in the missing amount for Cash.

OVERNITE DELIVERY SERVICE
Trial Balance

Debit

Credit


$

$














Totas

Collapse question part

(b)

Journalize the March transactions. Starr records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit




(Rented films for cash and on account)





(Received cash for services performed)



(Paid creditors on account)





(Paid advertising expense)



(Received cash for services performed)



(Paid film rental)



(Paid salaries expense)
Mar. 31




(Received cash and balance on account for rent revenue)



(Received cash for services performed)

$

$

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