Roth Contractors Corporation December 2019
Amount 2,000 2,400 13,000 1,600 2,280 6,000 4,000 2019 December Transactions a. Issued common stock for cash b. Paid cash for three month's rent: December 2019, January and February 2020 c. Purchased a used truck on credit (recorded as an account payable) d. Purchased supplies on credit. These are expected to be used during the month (recorded as expense) e. Paid for a one-year truck insurance policy, effective December 1 f. Billed a customer for work completed to date Collected cash for work completed to date h. Paid the following expenses in cash: Advertising Interest Telephone Truck operating Wages Collected part of the amount billed in above Billed customers for work completed to date k. Signed a contract for work to be performed in January 2020 Paid the following expenses in cash: Advertising Interest Truck operating Wages m. Collected an advance on work to be done in January (the policy of the coproration is to record such advances as revenue at the the time they are received) Received a bill for electricity used during the month (recorded as utilities expense) 700 700 800 600 5,000 1,000 7,000 5,000 600 600 900 2,000 2,000 800 n. Amount 2019 December 0. p. q r. 5. Adjusting Entries One month of the prepaid insurance has expired. The December portion of the rent paid on December 1 has expired. Counted supplies and found this amount still on hand (recorded the amount used as an expense) The amount collected in transaction m is unearned at December 31. Three days of wages for December 29, 30, and 31 are unpaid. These will be paid in January One month of depreciation needs to be recorded. Estimated useful life of truck in years is: Income taxes expense to be paid in the next fiscal year. $100 $2,000 t. $2,900 3 $100 u. December a. b. C. d. e. f. 8 h. M N Transactions Amount Issued common stock for cash 9,000 Paid cash for three month's rent: December 2019, January and February 2020 2,700 Purchased a used truck on credit (recorded as an account payable) 5,000 Purchased supplies on credit. These are expected to be used during the month (recorded as expe 1,800 Paid for a one-year truck insurance policy, effective December 1 2,160 Billed a customer for work completed to date 9,000 Collected cash for work completed to date 4,000 Paid the following expenses in cash: Advertising 700 Interest 800 Telephone 700 Truck operating 700 Wages 1,000 Collected part of the amount billed in f above 2,500 Billed customers for work completed to date 7,000 Signed a contract for work to be performed in January 2020 7,000 Paid the following expenses in cash: Advertising 900 Interest 800 Truck operating 900 Wages 1,000 Collected an advance on work to be done in January (the policy of the coproration is to record such advances as revenue at the the time they are received) 4,000 Received a bill for electricity used during the month (recorded as utilities expense) 600 . 1. j K 1. 3 m. 5 5 7 8 9 30 31 B2 n
