(Solved): Prepare a post-closing trial balance as of December 31, 2020. (5 points) PART1: The following tra ...

Prepare a post-closing trial balance as of December 31, 2020. (5 points)

PART1: The following transactions occurred for Murphy Delivery Service during December 2020: Dec. 1 Murphy Delivery Service began operations by receiving \( \$ 22,000 \) cash and a truck with a fair value of \( \$ 15,000 \) from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution. 1 Paid \( \$ 4,080 \) cash for a one-year insurance policy. The policy begins on December 1. 4 Paid \( \$ 1,400 \) cash for office supplies. 12 Performed delivery services for a customer and received \( \$ 4,800 \mathrm{cash} \). 15 Completed a large delivery job, billed the customer, \( \$ 11,400 \), and received a promise to collect the \( \$ 11,400 \) within one week 18 Paid employee salary, \$3,600. 20 Received \( \$ 7,850 \) cash for performing delivery services. 22 Collected \( \$ 6,400 \) in advance for delivery service to be performed later. 25 Collected \( \$ 11,400 \) cash from a customer on account. 27 Purchased fuel for the truck, paying \( \$ 750 \) on the account. (Credit Accounts Payable) 28 Performed delivery services on account, \( \$ 5,750 \). 29 Paid office rent, \( \$ 2,550 \), for the month of December. 30 Paid \( \$ 460 \) on the account. 31 Cash dividends of \( \$ 3,450 \) were paid to stockholders. Assume that Murphy Delivery Service started its operations in December 2020 and the beginning balance in all accounts is zero. \begin{tabular}{lll} \hline Cash & Salaries Payable & Depreciation Expense-Truck \\ Accounts Receivable & Unearned Revenue & Insurance Expense \\ Office Supplies & Common Stock & Fuel Expense \\ Prepaid Insurance & Retained Earnings & Rent Expense \\ Truck & Dividends & Supplies Expense \\ Accumulated Depreciation-Truck & Service Revenue & \\ Accounts Payable & Salaries Expense & \\ \hline \end{tabular}