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I'm really snuggling with the income statement, statement of changes in equity, balance sheet, and the trail balance sheet of this problem. Roth Contractors Corporation

I'm really snuggling with the income statement, statement of changes in equity, balance sheet, and the trail balance sheet of this problem.

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Roth Contractors Corporation was incorporated on December 1, 2019 and had the following transactions during December: Part A a. Issued common stock for $5,000 cash b. Paid $1,200 cash for three months' rent: December 2019; January and February 2020 C. Purchased a used truck for $10,000 on credit (recorded as an account payable) d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense) e. Paid $1,800 for a one-year truck insurance policy, effective December 1 f. Billed a customer $4,500 for work completed to date 8. Collected $800 for work completed to date h. Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500 i. Collected $2,000 of the amount billed in f above j. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in January 2020 1. Paid the following expenses in cash: advertising, $200; interest, $150; truck operating, $375; wages, $2,500 m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received) n. Received a bill for $100 for electricity used during the month (recorded as utilities expense). Required: 1. Open general ledger T-accounts for the following: Cash, Accounts Receivable, Prepaid Insurance, Prepaid Rent, Truck, Accounts Payable, Common Stock, Repair Revenue, Advertising Expense, Interest Expense, Supplies Expense, Telephone Expense, Truck Operating Expense, Utilities Expense, and Wages Expense. General ledger account numbers are not necessary. 2. Prepare journal entries to record the December transactions. General ledger account numbers and descriptions are not needed. 3. Post the entries to general ledger T-accounts. - CASN DUE F Part B The following information relates to December 31, 2019: eyni 0. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. 9. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction mis unearned at December 31. s. Three days of wages for December 29, 30, and 31 are unpaid, amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year. Required: 4. Open additional general ledger T-accounts for the following: Unused Supplies, Accumulated Depreciation, Wages Payable, Unearned Revenue, Income Taxes Payable, Depreciation Expense, Insurance Expense, Rent Expense, and Income Taxes Expense. General ledger account numbers are not necessary. 5. Prepare all necessary adjusting entries. General ledger account numbers and descriptions are not necessary. 6. Post the entries to general ledger T-accounts and calculate balances. 7. Prepare an adjusted trial balance at December 31. 8. Assume the fiscal year-end is December 31, 2019. Prepare an income statement, statement of changes in equity, and balance sheet. Prepare closing entries and a post-closing trial balance at December 31, 2019. 9. Copy Paste General AAEE . Wrap Text Merge Center - Format Painter BTU. Clipboard Font $ - % 3.99 Norma Conditional Format as Check Formatting Table Alignment Number A29 - * Income taxes expense 17 & 9 Adjusted Trial Balance Debit Credit Closing Entries Debit Credit Post-Closing Trial Balance Debit Credit 3 Account 4 Cash 5 Accounts receivable 8 Prepaid Insurance 7 Prepaid Rent 8 Unused supplies 9 Truck 10 Accumulated Depreciation-Truck 11 Accounts payaable e Wages payable 13 Income taxes payable 14 Unearned revenue 15 Common Stock 16 Retained earnings 17 Income summary 18 Repair revenue 19 Advertising expense 20 Depreciation Expense - Truck 21 Insurance expense 22 Interest expense 23 Rent expense 24 Supplies expense 25 Telephone expense 26 Truck Operating expense 27 Utilities expense 28 Wages expense 2 income taxes expense 30 Totals 1, 3, 4 & 6 | 285&9 7&9 8 | Ready 9 40C | | | Math & Writing Tools rom 1 Chegg File Home Insert Page Layout Formulas Data Review View Tell me what you want to do X Cut Be Copy Calibri - 14 - AA == Paste General B I U - 1 Wrap Text Merge & Center - . A - $ % & Format Painter Clipboard 5 Condition Formattin Font Alignment Number H70 Statement of Changes in Equity Balance Sheet 1,3,4 & 6 2 & 5 & 9 7 & 9 8 Ready te Copy Paste BIU - 31 A.EE Merge & Center - $ % ; * Format Painter Font Alignment Number Clipboard 5. H70 Income Statement 1, 3, 4 8 6 2 85 & 9 Ready CASINO Remove 18.20

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