Answer To: I need this excel sheet completed witht he corrected T accounts and journal entries.
Yash answered on Sep 05 2021
Required
Before you begin, print out all the pages in this workbook.
Roth Contractors Corporation was incorporated on December 1, 2019.
Required:
Part A
1 Prepare journal entries to record the December transactions shown on page "Transactions Pt. A". General ledger account numbers and descriptions are not needed.
2 Post the entries to general ledger T-accounts.
Part B
3 Prepare all necessary adjusting entries based on the information shown on the printed "Adj. Entries Pt. B" page. General ledger account numbers and descriptions are not necessary.
4 Post the entries to general ledger T-accounts and calculate balances.
5 Prepare an adjusted trial balance at December 31.
6 Prepare an income statement, statement of changes in equity, and balance sheet. Assume the fiscal year-end is December 31, 2019.
7 Prepare closing entries and a post-closing trial balance at December 31, 2019.
Transactions Pt. A
2019
December Transactions Amount
a. Issued common stock for cash 2,000
b. Paid cash for three month's rent: December 2019, January and February 2020 2,400
c. Purchased a used truck on credit (recorded as an account payable) 13,000
d. Purchased supplies on credit. These are expected to be used during the month (recorded as expense) 1,600
e. Paid for a one-year truck insurance policy, effective December 1 2,280
f. Billed a customer for work completed to date 6,000
g. Collected cash for work completed to date 4,000
h. Paid the following expenses in cash:
Advertising 700
Interest 700
Telephone 800
Truck operating 600
Wages 5,000
i. Collected part of the amount billed in f above 1,000
j. Billed customers for work completed to date 7,000
k. Signed a contract for work to be performed in January 2020 9000 5,000
l. Paid the following expenses in cash:
Advertising 600
Interest 600
Truck operating 900
Wages 2,000
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)
2,000
n. Received a bill for electricity used during the month (recorded as utilities expense) 800
Adj. Entries Pt. B
2019
December Adjusting Entries Amount
o. One month of the prepaid insurance has expired. $170
p. The December portion of the rent paid on December 1 has expired. $900
q. Counted supplies and found this amount still on hand (recorded the amount used as an expense) $100
r. The amount collected in transaction m is unearned at December 31. $2,000
s. Three days of wages for December 29, 30, and 31 are unpaid. These will be paid in January.
$2,900
t. One month of depreciation needs to be recorded. Estimated useful life of truck in years is: 361.1111111111 3
u. Income taxes expense to be paid in the next fiscal year. $100
Jnl. Entries
Roth...