purchased on April 1 and have an estimated useful life of 7 years. 5. 25% of the roofing fees received in advance (in Unearned revenue) were earned by April 30. b. Prepare the income statement for the month of April and the balance sheet as of April 30. Transaction Analysis Template NOTE: Expenses can be listed in any order. Transaction Analysis and Adjustments Mark Ladd opened Ladd Roofing Service on April 1. The unadjusted account balances as of April 30 are as follows: a. Using the Transaction Analysis Template, determine the financial statement effect of each of the necessary adjustments as of April 30. 1. Supplies on hand on April 30 amounted to $400. 2. A two-year insurance policy was purchased on April 1. 3. The used truck was purchased on April 1 and has an estimated useful life of 4 years. 4. The items in the Equipment account were purchased on April 1 and have an estimated useful life of 7 years. 5.25% of the roofing fees received in advance (in Unearned revenue) were earned by April 30 . b. Prepare the income statement for the month of April Using the Transaction Analysis Template, determine the financial statement effect of the necessary adjustments as of December 31, assuming the following: 1. Prepaid advertising at December 31 is $800. 2. Unpaid wages earned by employees in December are $1,300. 3. Prepaid insurance at December 31 is $2,280. 4. Unearned service fees at December 31 are $3,000. 5. Rent revenue of $1,000 owed by a tenant is not recorded at December 31. TIP: Enter amounts that reduce the category as negative numbers. Chapter 3 - HW Using the Transaction Analysis Template, determine the financial statement effect of the necessary adjustments as of December 31, assuming the following: 1. Prepaid advertising at December 31 is $800. 2. Unpaid wages earned by employees in December are $1,300. 3. Prepaid insurance at December 31 is $2,280. 4. Unearned service fees at December 31 are $3,000. 5. Rent revenue of $1,000 owed by a tenant is not recorded at December 31. TIP: Enter amounts that reduce the category as negative numbers. purchased on April 1 and have an estimated useful life of 7 years. 5. 25% of the roofing fees received in advance (in Unearned revenue) were earned by April 30. b. Prepare the income statement for the month of April and the balance sheet as of April 30. Transaction Analysis Template NOTE: Expenses can be listed in any order. Transaction Analysis and Adjustments Mark Ladd opened Ladd Roofing Service on April 1. The unadjusted account balances as of April 30 are as follows: a. Using the Transaction Analysis Template, determine the financial statement effect of each of the necessary adjustments as of April 30. 1. Supplies on hand on April 30 amounted to $400. 2. A two-year insurance policy was purchased on April 1. 3. The used truck was purchased on April 1 and has an estimated useful life of 4 years. 4. The items in the Equipment account were purchased on April 1 and have an estimated useful life of 7 years. 5.25% of the roofing fees received in advance (in Unearned revenue) were earned by April 30 . b. Prepare the income statement for the month of April Using the Transaction Analysis Template, determine the financial statement effect of the necessary adjustments as of December 31, assuming the following: 1. Prepaid advertising at December 31 is $800. 2. Unpaid wages earned by employees in December are $1,300. 3. Prepaid insurance at December 31 is $2,280. 4. Unearned service fees at December 31 are $3,000. 5. Rent revenue of $1,000 owed by a tenant is not recorded at December 31. TIP: Enter amounts that reduce the category as negative numbers. Chapter 3 - HW Using the Transaction Analysis Template, determine the financial statement effect of the necessary adjustments as of December 31, assuming the following: 1. Prepaid advertising at December 31 is $800. 2. Unpaid wages earned by employees in December are $1,300. 3. Prepaid insurance at December 31 is $2,280. 4. Unearned service fees at December 31 are $3,000. 5. Rent revenue of $1,000 owed by a tenant is not recorded at December 31. TIP: Enter amounts that reduce the category as negative numbers
