Journalize and Post Transactions and Adjustments

D$.$ Roulstone opened Roulstone Roofing Service on April $1.$ Transactions for April follow.

Apr. $1$ Roulstone contributed $$11,500$ cash to the business in exchange for common stock.

$2$ Paid $$6,100$ cash for the purchase of a used truck.

$2$ Purchased $$6,200$ of ladders and other equipment; the company paid $$1,000$ cash, with the

balance due in $30$ days.

$3$ Paid $$2,880$ cash for a two$-$year $($or $24-$month$)$ premium toward liability insurance.

$5$ Purchased $$1,200$ of supplies on credit.

$5$ Received an advance of $$1,800$ cash from a customer for roof repairs to be done during April

and May.

$12$ Billed customers $$5,500$ for roofing services performed.

$18$ Collected $$4,900$ cash from customers toward their accounts billed on April $12.$

$29$ Paid $$675$ cash for truck fuel used in April.

$30$ Paid $$100$ cash for April newspaper advertising.

$30$ Paid $$4,500$ cash for assistants' wages earned.

$30$ Billed customers $$4,000$ for roofing services performed.

REQUIRED:

a$.$ Set up T$-$accounts for the following accounts: cash, accounts receivable, supplies, prepaid insurance, trucks, accumulated depreciation $--$ trucks, equipment, accumulated depreciation $--$ equipment, accounts payable, unearned roofing fees, common stock, roofing fees earned, fuel expense, advertising expense, wages expenses, insurance expense, supplies expense, depreciation expense $--$ trucks and depreciation expense $--$ equipment.

B$.$ Prepare journal entries to adjust the following accounts: insurance expense, supplies expense, depreciation expense $--$ trucks, depreciation expense $--$ equipment, and roofing fees earned. Supplies still available on April $30$ amount to $$200.$ Depreciation for April was $$125$ on the truck and $$35$ on equipment. One fourth of the roofing fee received on April $5$ was earned by April $30.$