Question

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).

1. Open general ledger T-accounts for the following: Cash, Accounts Receivable, Prepaid Insurance, Prepaid Rent, Truck, Accounts Payable, Common Stock, Repair Revenue, Advertising Expense, Interest Expense, Supplies Expense, Telephone Expense, Truck Operating Expense, Utilities Expense, and Wages Expense. General ledger account numbers are not necessary.

2. Prepare journal entries to record the December transactions. General ledger account numbers and descriptions are not needed.

3. Post the entries to general ledger T-accounts.

Answer 1

ANSWER :-

Date	Particulare		Debit in $	Credit in $
A.	Cash		$5,000
	Common Stock			$5,000
b.	Prepaid Rent		$1.200
	Cash			$1,200
c.	Purchase - Truck		$10,000
	Account Payable			$10,000
d.	Supplies		$1,000
	Account Payablr			$1,000
E.	Prepaid Insurance		$1,800
	Cash			$1,800
F.	Account Receivable		$4,500
	Repair Revenue			$4,500
G	Cash		$800
	Repair Revenue			$800
H.	Advertise Exp.		$3,50
	Interest Exp.		$1,00
	Telephone Exp.		$75
	Truck opreating Exp.		$4,25
	Wages Exp.		$2,500
	Cash			$3,450
I.	Cash		$2,000
	Account Receivable			$2,000
J.	Account Receivable		$6,500
	Repair Revenue			$6,500
K.	No effect
L.	Adevertising Exp.		$200
	Interest Exp.		$150
	Truck opreating Exp.		$375
	Wages Exp.		$2,500
	Cash			$3225
M.	Cash		$ 2,000
	Repair Revenue			$2,000
N.	Utilities Exp.		$100
	Account Payable			$100

T - Accounts :-

Cash	Dr.	Cr.			Common Stock	Dr.	Cr.
A.	5000	1200	B.				5000	A.
G.	800	1800	E.		Bal.	5000
I.	2000	3450	H.
M.	2000	3225	L.
	Bal.	125
	9800	9800
Prepaid Rent	Dr.	Cr.			Truck	Dr.	Cr.
B.	1200				C.	10,000
Account Payable	Dr.	Cr.			Supplies Exp.	Dr.	Cr.
		10000	C.		d.	1000
		1000	D.			1000
		100	N.
Bal.	11100
		11100
					Account Receivable	Dr.	Cr.
Prepaid Insurance	Dr.	Cr.			F.	4500	2000	I.
E.	1800				J.	6500
	1800				Bal.		9000
						11000	11000
Repair Revenue	Dr.	Cr.			Advertising Exp.	Dr.	Cr.
		4500	F.		H.	350
		800	G.		L.	200
		6500	J.			550
		2000	M.
		13800
Interest Exp.	Dr.	Cr.			Telephone Exp.	Dr.	Cr.
H.	100				H.	75
L.	150					75
	250
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