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

l. 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).

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:

5. Prepare all necessary adjusting entries. General ledger account numbers and descriptions are not necessary.

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