Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April I. Transactions for April follow. Apr. I Roulstone contributed $ 11 ,500 cash to the business in exchange for common stock. 2 Paid $6, I 00 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 $ I 00 cash for April newspaper adverti sing. 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, s upplies, prepaid insurance, trucks, accumulated depreciation-trucks, equipment, accumulated depreciation--equipment, accounts payable, unearned roofing fees, common stock, roofing fees earned, fuel expense, advertis ing expense, wages expense, insurance expense, supplies expense, depreciation expense-trucks, and depreciation expense--equiprnent. b. Record these transactions for April using journal entries. c. Post the journal entries from part b. to their T-accounts (reference transactions in T-accounts by date). d. Prepare journal entries to adjust the following accounts: insurance expe nse, 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. e. Post the adjusting journal entries from part d. to their T-accounts.