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

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

(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)

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

Exercise 2-14

(b)

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