Accounting Assignment: Journal Entries, T-Accounts, and Balances

This accounting assignment provides a detailed solution for a business, Quick Pick Delivery Services, including journal entries, T-accounts, and a trial balance. The solution begins with journal entries for various transactions, such as starting operations, paying for supplies, and providing delivery services on credit. The assignment then presents T-accounts for each relevant account, like Cash, Truck, Capital, Accounts Receivable, and Service Revenue, showing the debit and credit entries. The T-accounts are meticulously prepared to reflect the flow of transactions. Finally, the assignment includes the summarized balance sheets derived from the journal entries and T-accounts. This comprehensive solution is designed to assist students in understanding and mastering accounting principles.

Accounting

Table of Contents
INTRODUCTION...........................................................................................................................1
Question 1:..................................................................................................................................1
Question 2...................................................................................................................................2
Question 3...................................................................................................................................5
Question 4. .................................................................................................................................5
Question 5...................................................................................................................................6
Question 6...................................................................................................................................8
Question 7...................................................................................................................................9
Question 8...................................................................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Accounting is a systematic recording of financial transaction into books of accounts. It is
an important part of company by which various crucial decision are taken (Bebbington, Unerman
and O'Dwyer, 2014). This project report consists of journals, ledger accounts and trail balance or
summarise balance sheets.
Question 1:
Journal entries:
Date Particulars L.F Debit Credit
a. Cash A/c
Truck A/c
To Capital A/c...
(Being Quick pick delivery services are started its
operations)
$6000
$11,000
$17,000
b. Supplies A/c..
To Cash A/c...
( cash paid to suppliers)
$300
$300
c. Prepaid Insurances A/c..
To cash A/c...
(Insurance paid in advance)
$700
$700
d. Accounts receivables A/c..
cash A/c.
To service revenue A/c..
(Being delivery services provided to customers)
$700
$800
$1500
e. Accounts receivables A/c
To Service revenue A/c
(Service provided to customers)
$1500
$1500
f. Salary A/c...
To Cash A/c...
$700
$700
1

(Salary paid to the employee)
g. Cash A/c..
To Service revenue A/c
(Being cash receive for delivery services)
$12000
$12000
h. Cash A/c..
To Unearned service revenue A/c...
(Being cash collected in advance for services)
$600
$600
I. Cash A/c..
To Accounts receivables A/c...
(Cash collected from customer)
$1500
$1500
J. Fuel Expenses A/c..
To accounts payable A/c..
(Being payment made with business credit card for fuel)
$200
$200
k. Accounts receivables A/c ..
To Service revenue A/c...
(Delivery services made on credit)
$900
$900
L. Rent A/c..
To Cash A/c..
(Being rent paid)
$600
$600
m. Accounts payable A/c..
To Cash A/c..
(Cash paid to creditors)
$200
$200
n. Drawings A/c...
To Cash A/c..
(Cash withdrew from owner)
$2100
$2100
Question 2.
T- Accounts
2

Cash Accounts
Date Particulars Amount $ Date Particulars Amount $
1 To Capital A/c 6000 By Supplies 300
2 To service revenues A/c 800 By Prepaid insurances 700
3 To service revenues A/c 12000 By Salary payable 700
4 To Unearned service
revenue
600 By Rent 600
5 To accounts receivable 1500 By Accounts payable 200
By Drawings 2100
By Balance C/d 16300
20900 20900
Truck Accounts
Date Particulars Amount $ Date Particulars Amount $
1 To Capital A/c 11000
By balance c/d 11000
11000 11000
Capital Account
Date Particulars Amount $ Date Particulars Amount $
1 By Cash A/c 6000
2 By Truck A/c 11000
To balance c/d 17000
17000 17000
3

Accounts payables
Date Particulars Amount $ Date Particulars Amount $
1 By Fuel expenses 200
2 To cash 200
Supplies accounts
Date Particulars Amount $ Date Particulars Amount $
1 To cash 300
By balance C/d 300
Prepaid insurances
Date Particulars Amount $ Date Particulars Amount $
1 To cash 700
By balance c/d 700
700 700
Accounting receivable
Date Particulars Amount $ Date Particulars Amount $
1 To service revenues 700 By cash 1500
To service revenues 1500
To service revenues 900
By balance C/d 1600
3100 3100
Salary
Date Particulars Amount $ Date Particulars Amount $
1 To cash 700
By Balance c/d 700
4

700 700
Service revenue
Date Particulars Amount $ Date Particulars Amount $
1 By Account receivable 700
By cash 800
By account receivable 1500
By cash 12000
By Accounts receivable 900
To balance c/d 15900
15900 15900
Fuel Expenses
Date Particulars Amount $ Date Particulars Amount $
1 To accounts payables 200
By Balance C/d 200
200 200
Unearned service
Date Particulars Amount $ Date Particulars Amount $
By cash 600
To balance c/d 600
600 600
Rent Accounts
Date Particulars Amount $ Date Particulars Amount $
1 To cash 600
By Balance C/d 600
5