Question

2 2 5 Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $11,500 cash to the business in exchange for common stock. Paid $6,100 cash for the purchase of a used truck. Purchased $3,100 of ladders and other equipment, the company paid $1,000 cash, with the balance due in 30 days. Paid $2.880 cash for two-year for 24-month) premium toward liability insurance. Purchased $1,200 of supplies on credit. Received an advance of $1,800 cash from a customer for roof repairs to be done during April and May. 12 Biled customers 55,500 for roofing services performed. Collected $4,900 cash from customers toward their accounts billed on April 12 29 Paid 5675 cash for truck fuel used in April Paid $100 cash for April newspaper advertising 30 Pald 52,500 cash for assistants wages earned. Biled customers 54,000 for roofing services performed 5 uus 18 30 30 Using 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

Answer 1

JOURNAL ENTRIES Date Particulars Debit Credit 1-Apr Cash A/C 11500 To Common Stock 11500 2-Apr truck A/C 6100 TO Cash 61001 3100 2-Apr Equipment A/C TO Cash A/C TO Accounts Payable A/C 1000 2100 3-Apr Prepaid Insurance A/C Insurance Expense A/C TO Cash 14401 14401 2880 1200 5-Apr Supplies A/C TO Accounts Payable 12001 5-Apr Cash A/C 1800 TO Unearned Roofing Fees 18001

5500 12-Apr Accounts Receivable A/C TO Roofing Fees Earned 5500 18-Apr Cash A/C 4900 To Accounts Receivable A/C 49001 675 29-Apr Fuel Expenses A/C TO Cash 675 1000 30-Apr Advertising expenses A/C TO Cash 1000 2500 30-Apr Wages A/C TO cash A/C 2500 4000 30-Apr Accounts Receivable A/C TO Roofing Fees Earned 4000 51 30-Apr Depreciation Expenses Truck To Truck A/C (6100*10/100*1/12) 51 26 30-Apr Depreciation Expenses Equipment TO Equipment A/C 26

Cash Accounts Receivable amount Date Particulars amount Date Particulars amount Date Particulars 1-Apr common stock 5-Apr Unearned Roofing Fees 6100 1800 1000 4900 amount Date Particulars 11500 2-Apr Truck 2-Apr Equipment 29-Apr Fuel expenses 30-Apr Advertising expenses 30-Apr wages 30-Apr Balance fig 12-Apr Roofing Fees Earned 30-Apr Roofing Fees Earned 675 1000 2500 5500 18 aprl cash 4000 30-Apr 4600 2025 9500 9500 13300 13300 Supplies Prepaid Insurance amount Date Date Particulars amount Date Particulars amount Date Particulars Particulars amount 5-Apr Accounts Payable 1200 3-Apr Cash 1440 30-Apr Balance fig 30-Apr Balance fig 1200 1200 1440 1440 1200 1440

Trucks Date Particulars amount Date Particulars amount 2-Apr Cash 6100 51 30-Apr Depreciation Expenses Truck Equipment amount Date Date Particulars Particulars amount 26 2-Apr Cash 2-Apr Accounts Payable 1000 2100 Depreciation Expenses Equipment 30-Apr Balance fig 3074 3100 3100

Unearned Roofing fees amount Date Particulars Date Particulars amount 5-Apr Cash 18001 Apr-31 Balance fig 18001 18001 1800 Roofing Fees earned amount Date Particulars Date Particulars amount 30-Apr|Tranferred To P/LA 12-Apr Accounts Receivable 30-Apr Accounts Receivable 95001 9500 5500 4000 95001

Equipment amount Date Date Particulars Particulars amount 26 2-Apr Cash 2-Apr Accounts Payable 1000) 2100 Depreciation Expenses Equipment 30-Apr Balance fig 3074 3100 3100 Accounts payable amount Date Date Particulars Particulars amount 2100 2-Apr Equipment 5-Apr Supplies 1200 30-Apr Balance fig 3300 3300 3300

Roofing Fees earned amount Date Particulars Date Particulars amount 12-Apr| Accounts Receivable 30-Apr| Accounts Receivable 30-Apr Tranferred To P/LA 9500 5500 4000 9500 9500 Advertising Expenses amount Date Particulars Date Particulars amount 30-Apr cash 1000 30-Apr Tranferred To P/L A/C 1000 1000 1000

Date Particulars Common Stock amount Date Particulars 1-Apr cash amount 11500 30-Apr Balance fig 11500 11500 115001 Fuel Expenses amount Date Date Particulars Particulars amount 29-Apr Cash 675 30-Apr Tranferred To P/L A/C 675 675 675

Wages Expenses amount Date Date Particulars Particulars amount 30-Apr Cash 2500 30-Apr Tranferred To P/L A/C 2500 2500 2500 Depreciation Expenses-Equipment amount Date Particulars Date Particulars amount 30-Apr Equipment A/c 26 30-Apr Tranferred To P/L A/C 26 26 261

Depreciation Expenses-Truck amount Date Particulars Date Particulars amount 30-Apr Truck 51 30-Apr Tranferred To P/L A/C 51 51 51