Part B The following information relates to December 31, 2019: o One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m is 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. 9. Prepare closing entries and a post-closing trial balance at December 31, 2019. 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 g. 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 fabove j. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in January 2020 I. 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. 7 & 9 Account Cash Accounts receivable Prepaid Insurance Adjusted Trial Balance Debit $125 $9,000 $1,650 Closing Entries Credit Debit Credit Debit Post-Closing Trial Balance Credit Prepaid Rent $800 Unused supplies $350 Truck $10,000 Accumulated Depreciation-Truck $208 Accounts payaable $11,100 Wages payable $1,500 $500 Income taxes payable Unearned revenue Common Stock Retained earnings Income summary Repair revenue Advertising expense Depreciation Expense - Truck Insurance expense Interest expense Rent expense $2,000 $5,000 mcome summ 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 29 Income taxes expense 30 Totals 21925 20308 Q 18 2 3 4 A in 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Income Statement Accounts Balances Closing Entries Post-closing Balance Account Title Debit Credit # Debit Credit # Debit Credit Cash Accounts Receivable Prepaid Insurance Prepaid Rent Unused Supplies Truck Accum. Dep'n. - Truck Accounts Payable Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Income Summary Repair Revenue Advertising Expense Dep'n. Expense-Truck Insurance Expense Interest Expense Rent Expense Supplies Expense 56 57 58 59 60 Balance Sheet 61 62 63 64 65 66 68 69 70 71 72 73 74 75 76 77 78 79 Statement of Changes in Equity