Here is the actual problem: Molly\'s Meal Delivery Service Molly\'s Meal Deliver
ID: 2537403 • Letter: H
Question
Here is the actual problem:
Molly's Meal Delivery Service Molly's Meal Delivery service has been in business for seven years. The Chart of Accounts is below They provide "home-cooked" meals for corporate events as well as individual needs Molly's operates with a December 31, 20XX financial year-end Chart of Accounts Assets 101 140 145 150 175 175.1 176 176.1 Cash Food Supplies Kitchen Supplies Prepaid Rent Ovens Accum. Depr. - Ovens Kitchen Equipment Accum. Depr.- Kitchen Equipment Liabilities 201 210 Accounts Payable Wages Payable Owner's Equit 301 302 Molly Murphy, Capital Molly Murphy, Drawing Revenues 401 Meal Delivery RevenueExplanation / Answer
Journal entries and adjusting entries
Date Particulars L.F Amount ($) Amount ($) Nov-01 Cash 20,000 Molly Murphy Capital 20,000 (for cash invested) Nov-01 Ovens 6,300 Accounts Payable 6,300 (for ovens purchased) Nov-01 Prepaid Rent 3,000 cash 3,000 (For rent paid in advance) Nov-04 Food Supplies 2,000 Accounts Payable 2,000 (For food supplies purchased) Nov-07 Cash 3,400 Meal delivery Revenue 3,400 (for meal delivery fees deposited) Nov-10 Wage Expense 2,000 cash 2,000 (for wages paid) Nov-11 Kitchen supplies 500 Cash 500 (For kitchen supplies purchased) Nov-14 Cash 3,000 Meal delivery Revenue 3,000 (for meal delivery fees deposited) Nov-15 Food Supplies 2,500 Accounts Payable 2,500 (For food supplies purchased) Nov-21 Cash 3,200 Meal delivery Revenue 3,200 (for meal delivery fees deposited) Nov-24 Wage Expense 2,050 cash 2,050 (for wages paid) Nov-28 Cash 3,050 Meal delivery Revenue 3,050 (for meal delivery fees deposited) Nov-28 Phone Expense 200 Cash 200 (for phone bill paid) Nov-28 Utilities exp 500 cash 500 (For utility bill paid) Nov-30 Molly Murphy Drawing 3,000 Cash 3,000 (for cash withdrawn)