P3-40. Journalizing and Posting Transactions, and Preparing a Trial Balance and Adjustments B. Lougee opened Lougee Roofing Service on April I. 2019. Transactions for April are as follow�: Apr. I Lougee contributed$ I 1.500 cash to the business in exchange for common stock. I Paid $2,880 cash for two-year premium toward liability insurance effective immediately. 2 Paid $6. I 00 cash for the purchase of a used truck. 2 Purchased $3.100 of ladders and other equipment: paid $1.000 cash, with the balance due in 30 days. 5 Purchased $1,200 of supplies on account. 5 Received an advance of $1,800 cash from a customer for roof repairs to be done during April and May. I� Billed customer� $5,500 for rnoting services performed.

Apr 18 Collected $4,900 cash from customers on their accounts. 29 Paid $675 cash for truck fuel used in April. 30 Paid $100 cash for April newspaper advertising. 30 Paid $2,500 cash for assistants' wages. 30 Billed customers $4,000 for roofing services performed. REQUIRED

a. Set up a general ledger in T-account form for the following accounts: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Trucks; Accumulated Depreciation-Trucks; Equipment; Accumulated Depreciation- Equipment; Accounts Payable; Contract Liability; Common Stock; Roofing Fees Revenue; Fuel Expense; Advertising Expense; Wages Expense; Insurance Expense; Supplies Expense; Depreciation Expense-Trucks; and Depreciation Expense-Equipment.

b. Record these transactions for April (I) using the financial statement effects template and (2) in journal entry fonn. (3) Post these entries to their T-accounts (key numbers in T-accounts by date).

c. Prepare an unadjusted trial balance as of April 30, 2019.

d. Supplies still available on April 30 amount to $400; and depreciation for April was $125 on the truck and $35 on equipment; and one-fourth of the roofing fees received in advance was earned by April 30. Prepare entries to adjust the books for Insurance Expense, Supplies Expense, Deprec iation Expense- Trucks, Deprec iation Expense- Equipment, and Roofing Fees Revenue (I) using the financial statement effects template and (2) in journal entry form. (3) Post adjusting entries to their T-accounts.