Before you begin, print out all the pages in this workbook. Roth Contractors Corporation was incorporated on December 1, 2019. Required: Part A 1 Prepare journal entries to record the December transactions shown on page "Transactions Pt. A". General ledger account numbers and descriptions are not needed. 2 Post the entries to general ledger T-accounts. Part B 3 Prepare all necessary adjusting entries based on the information shown on the printed "Adj. Entries Pt. B" page. General ledger account numbers and descriptions are not necessary. 4 Post the entries to general ledger T-accounts and calculate balances. 5 Prepare an adjusted trial balance at December 31. 6 Prepare an income statement, statement of changes in equity, and balance sheet. Assume the fiscal year-end is December 31, 2019. 7 Prepare closing entries and a post-closing trial balance at December 31, 2019. 2019 December Amount Transactions 9,000 a. Issued common stock for cash b. Paid cash for three month's rent: December 2019, January and February 2020 2,700 C. Purchased a used truck on credit (recorded as an account payable) 5,000 d. Purchased supplies on credit. These are expected to be used during the month (recorded as expe 1,800 e. Paid for a one-year truck insurance policy, effective December 1 2,160 f. Billed a customer for work completed to date 9,000 B. Collected cash for work completed to date 4,000 h. Paid the following expenses in cash: Advertising Interest Telephone Truck operating Wages 700 800 700 700 1,000 i. Collected part of the amount billed in f above j. Billed customers for work completed to date k. Signed a contract for work to be performed in January 2020 1. Paid the following expenses in cash: Advertising 900 Interest 800 Truck operating 900 Wages 1,000 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) 4,000 n. Received a bill for electricity used during the month (recorded as utilities expense) 600 2,500 7,000 7,000 9 J. ber Adjusting Entries Amount One month of the prepaid insurance has expired. The December portion of the rent paid on December 1 has expired. Counted supplies and found this amount still on hand (recorded the amount used as an expense) The amount collected in transaction m is unearned at December 31. $400 $4,000 Three days of wages for December 29, 30, and 31 are unpaid. These will be paid in January. $2,900 One month of depreciation needs to be recorded. Estimated useful life of truck in years Income taxes expense to be paid in the next fiscal year. 3 $1,595 Roth Contractors Corporation Cash Accounts Payable Accounts Receivable Wages Payable Page 4 Repair Revenue Rent Expense < Supplies Expense Advertising Expense Telephone Expense of 8 Unearned Repair Revenue Prepaid Insurance Income Taxes Payable Depreciation Exp. - Truck Truck Operating Expense Prepaid Rent Common Stock Insurance Expense Utilities Expense Unused Supplies Truck Acc. Dep'n-Truck Interest Expense Wages Expense Income Taxes Expense Dec. Roth Contractors Corporation GENERAL JOURNAL 2019 Description F Debit Credit Roth Contractors Corporation GENERAL JOURNAL Description F Debit Credit Page 5 Roth Contractors Corporation GENERAL JOURNAL Dec. 2019 Description F Debit Credit Page Roth Contractors Corporation Adjusted Trial Balance At December 31, 2019 Post-closing Trial Balance Accounts Balances Closing Entries Account Title Debit Credit # Debit Credit # Debit Cash Accounts Receivable Prepaid Insurance Prepaid Rent Unused Supplies Truck Accum. Dep'n. - Truck Accounts Payable Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Income Summary Repair Revenue Advertising Expense Dep'n. Expense - Truck Insurance Expense Interest Expense Rent Expense Supplies Expense Telephone Expense Truck Operating Expense Utilities Expense Wages Expense Income Taxes Expense Credit Roth Contractors Corporation Income Statement For the Month Ended Dec. 31, 2019 Revenue Roth Contractors Corporation Balance Sheet At December 31, 2019 Assets Expenses Roth Contractors Corporation Statement of Changes in Equity For the Month Ended December 31, 2019 Common stock Retained Total earnings equity Opening balance Ending balance Liabilities Stockholders' Equity