General Journal

Date
Account Titles and Explanations
12/1/2016 Cash
Truck
Magness Capital

Debit
Credit
$ 10,000.00
$ 20,000.00
$ 30,000.00

12/1/2016 Pre-Paid Insurance

Cash

12/4/2016 Office Supplies

Cash

12/12/2016 Cash
Service Revenue

12/15/2016 Accounts Receivable

Service Revenue

12/18/2016 Salaries Expense

Cash

12/20/2016 Cash
Service Revenue

12/22/2016 Cash
Notes Receivable

12/25/2016 Cash
Accounts Receivable

12/27/2016 Fuel Expense

Accounts Payable

12/28/2016 Accounts Receivable

Service Revenue

12/29/2016 Rent Expense

Cash

12/30/2016 Accounts Payable

Cash

12/31/2016 Magness Withdrawls

Balance

1,000.00
$

1,000.00

500.00

2,000.00

2,500.00

1,000.00

500.00

2,000.00

2,500.00

1,000.00

15,000.00
$ 15,000.00

800.00
$

800.00

2,500.00

300.00

700.00

1,600.00

300.00

2,500.00

300.00

700.00

1,600.00

300.00

3,000.00
61,200.00

###
$ 61,200.00

Magness Delivery Service

Unadjusted Trial Balance
12/31/2016
Account Title and Description
Debits
Credits
Cash
$ 21,900.00
Accounts Receivable
$
1,350.00
Office Supplies
$
100.00
Pre-Paid Insurance
$
1,000.00
Truck
$ 20,000.00
Accumulated Depreciation (Truck)
$ 3,000.00
Accounts Payable
$ 1,000.00
Salaries Payable
$
1,000.00
Unearned Revenue
$
500.00
Magness, Capital
$ 40,850.00
Magness, Withdrawls
Income Sumamry
Servuce Revenue
Salaries Expense
Depreciation Expense (Truck)
Insurance Expense
Fuel Expense
Rent Expense
Supplies Expense
Balance
$ 45,350.00 $ 45,350.00
Magness Delivery Service
Adjusted Trial Balance
12/31/2016
Account Title and Description
Debits
Credits
Cash
$ 21,900.00
Accounts Receivable
$
1,350.00
Office Supplies
$
100.00
Pre-Paid Insurance
$
1,000.00
Truck
$ 20,000.00
Accumulated Depreciation (Truck)
$ 3,000.00
Accounts Payable
$ 1,000.00
Salaries Payable
$
1,000.00
Unearned Revenue
$
500.00
Magness, Capital
$ 30,000.00
Magness, Withdrawls
$
3,000.00
Income Sumamry
Servuce Revenue
$ 21,150.00
Salaries Expense
$
1,000.00
Depreciation Expense (Truck)
$
3,000.00
Insurance Expense
$
1,000.00
Fuel Expense
$
300.00

Rent Expense
Supplies Expense
Balance

$
1,600.00
$
400.00
$ 55,650.00 $ 55,650.00
Magness Delivery Service
Income Statement
Year Ended 12/31/2016
Debits
Credits

Revenues:
Service Revenue

$ 21,150.00

Expenses:
Depreciation Expense (Truck)
$
3,000.00
Rent Expense
$
1,600.00
Salaries Expense
$
1,000.00
Insurance Expense
$
1,000.00
Supplies Expense
$
400.00
Fuel Expense
$
300.00
Total Expenses:
$ 7,300.00
Net Income:
$13,850.00
Magness Delivery Service
Statement of Owner's Equity
Month Ended 12/31/2016
Magness, Capital December 01 2016
$ 20,000.00
Owner Contribution
$ 10,000.00
Net Income:
$ 13,850.00
Owner Withdrawel
Magness Capital December 31, 2016

$
$

(3,000.00)
40,850.00