Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2019 December Transactions Issued common stock for cash b. Paid cash for three month's rent: December 2019, January and February 2020 C Purchased a used
2019 December Transactions Issued common stock for cash b. Paid cash for three month's rent: December 2019, January and February 2020 C Purchased a used truck on credit (recorded as an account payable) d. Purchased supplies on credit. These are expected to be used during the month (recorded as expense) e. Paid for a one-year truck insurance policy, effective December 1 f. Billed a customer for work completed to date & h. Collected cash for work completed to date Paid the following expenses in cash: Advertising Interest Telephone Truck operating Wages Collected part of the amount billed in fabove Amount 7,000 2,400 9,000 1,800 1,920 8,000 1,000 700 800 700 600 5,000 3,500 6,000 8,000 L J Billed customers for work completed to date k Signed a contract for work to be performed in January 2020 L Paid the following expenses in cash: Advertising 700 Interest 900 Truck operating 600 Wages 2,000 m Collected an advance on work to be done in January (the policy of the coproration is to record such advances as revenue at the the time they are received) 5,000 n. Received a bill for electricity used during the month (recorded as utilities expense) 900 2019 December Adjusting Entries Amount 0. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q- Counted supplies and found this amount still on hand (recorded the amount used as an expense) $300 r. The amount collected in transaction mis unearned at December 31. $5,000 5. Three days of wages for December 29, 30, and 31 are unpaid. These will be paid in January. $2,700 t. U. One month of depreciation needs to be recorded. Estimated useful life of truck in years is: Income taxes expense to be paid in the next fiscal year. 5 $100 of 13 700 Roth Contractors Corporation Income Statement For the Month Ended Dec. 31, 2019 Revenue Expenses Roth Contractors Corporation Statement of Changes in Equity For the Month Ended December 31, 2019 Common Retained Total stock earnings equity Opening balance Ending balance MacBook Pro Roth Contractors Corporation Balance Sheet At December 31, 2019 Assets Liabilities Stockholders' Equity Roth Contractors Corporation Dec. 2019 Description GENERAL JOURNAL F Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started