Transaction Entries, Posting, Trial Balance, and Adjusting Entries Mark Ladd opened Ladd Roofing Service on April 1. Transactions for April are as follows:

1	Ladd contributed his personal funds in exchange for
	common stock to begin the business.	$13,500
2	Purchased a used truck for cash.	6,100
3	Purchased ladders and other equipment for a total of	3,100
	Paid cash of $1,000, with the balance due in 30 days.
4	Paid two-year premium on liability insurance.	3,000
5	Purchased supplies on account	1,200
6	Received an advance payment from a customer for
	roof repair work to be done in April and May.	1,800
7	Billed customers for roofing services.	5,500
8	Collected on account from customers.	6,500
9	Paid bill for truck fuel used in April.	75
10	Paid April newspaper advertising.	100
11	Paid assistants' wages.	4,500
12	Billed customers for roofing services.	5,000

Required a. Set up a general ledger with the following accounts: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Trucks; Accumulated Depreciation-Trucks; Equipment; Accumulated Depreciation-Equipment; Accounts Payable; Unearned Roofing Fees; Common Stock; Roofing Fees Earned; Fuel Expense; Advertising Expense; Wages Expense; Insurance Expense; Supplies Expense; Depreciation Expense-Trucks; and Depreciation Expense-Equipment.

b. Record these transactions in the general journal and post to the ledger accounts.

c. Prepare an unadjusted trial balance as of April 30.

d. Prepare the journal entries to adjust the books for insurance expense, supplies expense, depreciation expense on the truck, depreciation expense on the equipment, and roofing fees earned. Supplies on hand on April 30 amounted to $800. Depreciation for April was $155 on the truck and $35 on the equipment. One-fourth of the roofing fee received in advance was earned by April 30. Post the adjusting entries. ANSWER:

a. General Journal Date Description Post ref. Debit Credit April To record issuance of common stock. To record purchase of truck. Cash To record purchase of equipment. Paid two-year premium on liability insurance To record supplies on account