please fill the empty sheets
Roth Contractors Corporation was incorporated on December 1, 2015 and had the following transactions during December: Part A a. Issued share capital for $5,000 cash. b. Paid $1,200 for three months' rent: December 2015; January and February 2016. 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: advertising, $350; interest, $100; telephone, $75; truck operation, $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. 1. Paid the following expenses: advertising, $200; interest, $150; truck operation, $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 (101), Accounts Receivable (110), Prepaid Insurance (161), Prepaid Rent (162), Truck (184), Accounts Payable (210), Share Capital (320), Repair Revenue (450), Advertising Expense (610), Interest Expense (632), Supplies Expense (668), Telephone Expense (669), Truck Operation Expense (670), Utilities Expense (676), and Wages Expense (677). 2. Prepare journal entries to record the December transactions. Descriptions are not needed. 3. Post the entries to general ledger T-accounts. Part B At December 31, the following information is made available for the preparation of adjusting entries. o. One month of the Prepaid Insurance has expired. p. The December portion of the December 1 rent payment has expired. 9. 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; the unpaid amount of $1,500 will be included in the first Friday wages payment in January t. The truck has an estimated useful life of 4 years. Required: 4. Open additional general ledger T-accounts for the following: Supplies (173), Accumulated Depreciation - Truck (194), Wages Payable (237), Unearned Revenue (249), Depreciation Expense - Truck (624), Insurance Expense (631), and Rent Expense (654). 5. Prepare all necessary adjusting entries. Omit descriptions. 6. Post the entries to general ledger T-accounts and calculate balances. 7. Prepare an adjusted trial balance at December 31, 2015. PROBLEM 36 (L06) Closing Accounts Required: 1. Using the adjusted trial balance answer from Problem 3-5, journalize the appropriate closing entries (create additional accounts if required). 2. Prepare a post-closing trial balance. P 3-5 1., 3., 4., and 6. Cash Accounts Payable Roth Contractors Corporation Share Repair Capital Revenue Rent Expense Supplies Expense 100 US Accounts Receivable Wages Payable Advertizing Expense Telephone Expense Unearned Repair Revenue Truck Operating Expense Prepaid Insurance Income Taxes Payable Depreciation Expense-Truck Insurance Expense Utilities Expense Prepaid Rent Interest Expense Wages Expense Unused Supplies Accum. Dep'n Truck Income Taxes Expense Truck P 3-5 and 3-6 (2)continued 7. Adjusted Trial Balance Debit Credit Post-closing Trial Balance Debit Credit Closing Entries Debit Credit Account Cash Accounts receivable Prepaid insurance Prepaid rent Unused supplies Truck Acc. dep. - truck Accounts payable Wages payable Unearned revenue Share capital Retained earnings Income summary Repair revenue Advertizing expense Dep. expense - truck Insurance expense Interest expense Rent expense Supplies expense Telephone expense Truck operating expense Utilities expense Wages expense Income taxes expense P3-6 Journalize closing entries - continued 1. GENERAL JOURNAL Page Date Description Folio Debit Credit
