!!!! PLEASE PUT THE ANSWERS ON EXCEL IN THE FORMAT I SHOWED BELOW !!! This stuff makes me so confused & I've asked this question twice and no one helps me :/ I also provided check numbers to double check work so I do not mess up on the parts following parts. :) THANK YOU!!!
Directions:
!!! EXCEL FORMAT FOR THE ANSWER !!!
!!! CHECK NUMBERS !!!
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 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. Part B The following information relates to December 31, 2019: r. 0. 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. 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. 9. Prepare closing entries and a post-closing trial balance at December 31, 2019. A M N 0 0 R S B 1., 3., 4., and 6.- Roth Contractors Corporation 3 Cash Accounts Payable Common Stock Repair Revenue Rent Expense 4 5 6 9 10 Accounts Receivable Advertising Expense Telephone Expense 11 Wages Payable 12 13 14 15 16 17 Prepaid Insurance Unearned Repair Revenue Depreciation Expense-Truck Truck Operating Expense 18 19 20 21 22 23 24 Income Taxes Payable Prepaid Rent Insurance Expense Utilities Expense 25 26 27 28 29 30 31 Interest Expense Wages Expense 32 Unused Supplies 33 34 35 36 37 38 Income Taxes Expense Supplies Expense 39 Truck 40 41 42 43 44 45 46 Accumulated Depreciation Truck 47 48 49 SO 51 52 1, 3, 4 & 6 2 & 5 & 9 7 & 9 8 Ready E - + 55% Check numbers as you go Part A, Requirement #3 After posting all transactions, please calculate the ending balance for each t-account. Then check your ending balances for each of the following accounts: Cash $125 Accounts Receivable $9,000 Accounts Payable $11,100 Repair Revenue $13,800 Interest Expense $250 Wages Expense $5,000 ****If the ending balances do not match, complete the following steps: 1. Check your math 2. Verify that you have posted your transactions correctly 3. Re-evaluate your journal entries Part B, Requirement #6 After posting the adjusting entries, please calculate the ending balance for each t-account. Then check your ending balances for each of the following account: Prepaid Rent $800 Unearned Repair Revenue $2,000 Accum Dep'n Truck $208 Repair Revenue $11,800 Insurance Expense $150 Wages Expense $6,500 If the balances do not match, complete the following steps: 1. Check your math 2. Verify that you have posted your transactions correctly 3. Re-evaluate your journal entries Part B, Requirement #7 After preparing the adjusted trial balance, the totals of the debit and credit columns should be $32,108 If the debit and credit column totals do not match, complete the following steps
