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 a. b. C. d. Transactions Amount Issued common stock for cash 9,000 Paid cash for three month's rent: December 2019, January and February 2020 2,700 Purchased a used truck on credit (recorded as an account payable) 5,000 Purchased supplies on credit. These are expected to be used during the month (recorded as expe 1,800 Paid for a one-year truck insurance policy, effective December 1 2,160 Billed a customer for work completed to date 9,000 Collected cash for work completed to date 4,000 Paid the following expenses in cash: Advertising 700 Interest 800 700 700 i. 1,000 2,500 7,000 7,000 j. k. 1. Telephone Truck operating Wages Collected part of the amount billed in f above Billed customers for work completed to date Signed a contract for work to be performed in January 2020 Paid the following expenses in cash: Advertising Interest Truck operating Wages 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) Received a bill for electricity used during the month (recorded as utilities expense) 900 800 900 1,000 m. . 4,000 n. n 600 2019 December o. p. q. r. 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) $400 The amount collected in transaction m is unearned at December 31. $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 3 Income taxes expense to be paid in the next fiscal year. $1,595 S. t. u
