Chapter 3 Accrual Basis of Accounting PROBLEMS-SET A P3-1A. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Mark Ladd opened Ladd LO3, 4 Roofing Service on April 1. Transactions for April are as follows: April 1 Ladd contributed $13,500 of his personal funds in exchange for common stock to begin the business. 2 Purchased a used truck for $6,100 cash 3 Purchased ladders and other equipment for a total of $3,100, paid $1,000 cash, with the balance due in 30 days. 4 Paid two-year premium on liability insurance, $3,000. 5 Purchased supplies on account, $1,200 6 Received an advance payment of $1,800 from a customer for roof repair work to be done during April and May. 7 Billed customers for roofing services, $5,500 8 Collected S6.500 on account from customers. 9 Paid bill for truck fuel used in April, $75. 10 Paid April newspaper advertising, $100. 11 Paid assistants' wages, $4,500 12 Billed customers for roofing services, $5,000. Required a. Set up a general ledger with the following accounts: Cash; Accounts Receivable; Supplies: Pre- paid Insurance; Trucks; Accumulated Depreciation-Trucks; Equipment; Accumulated Depre- ciation-Equipment: Accounts Payable; Unearned Roofing Fees; Common Stock; Roofing Fees Earned; Fuel Expense: Advertising Expense: Wages Expense: Insurance Expense; Supplies Ex- pense; Depreciation Expense-Trucks; and Depreciation Expense-Equipment. Record these transactions in the general journal and post to the ledger accounts. Prepare an unadjusted trial balance as of April 30 Chapter 3 Accrual Basis of Accounting PROBLEMS-SET A P3-1A. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Mark Ladd opened Ladd LO3, 4 Roofing Service on April 1. Transactions for April are as follows: April 1 Ladd contributed $13,500 of his personal funds in exchange for common stock to begin the business. 2 Purchased a used truck for $6,100 cash 3 Purchased ladders and other equipment for a total of $3,100, paid $1,000 cash, with the balance due in 30 days. 4 Paid two-year premium on liability insurance, $3,000. 5 Purchased supplies on account, $1,200 6 Received an advance payment of $1,800 from a customer for roof repair work to be done during April and May. 7 Billed customers for roofing services, $5,500 8 Collected S6.500 on account from customers. 9 Paid bill for truck fuel used in April, $75. 10 Paid April newspaper advertising, $100. 11 Paid assistants' wages, $4,500 12 Billed customers for roofing services, $5,000. Required a. Set up a general ledger with the following accounts: Cash; Accounts Receivable; Supplies: Pre- paid Insurance; Trucks; Accumulated Depreciation-Trucks; Equipment; Accumulated Depre- ciation-Equipment: Accounts Payable; Unearned Roofing Fees; Common Stock; Roofing Fees Earned; Fuel Expense: Advertising Expense: Wages Expense: Insurance Expense; Supplies Ex- pense; Depreciation Expense-Trucks; and Depreciation Expense-Equipment. Record these transactions in the general journal and post to the ledger accounts. Prepare an unadjusted trial balance as of April 30