Prepare journal entries transactions

ACC100

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Chapter 3 Assignment Requirements:

  1. Complete the assessment
  2. Name completed file: Ch3_FirstNameLastName
  3. Attach the completed file
  4. Review the Assig

    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

    T-accounts

    Roth Contractors Corporation
    Cash Accounts Payable Repair Revenue Rent Expense
    Supplies Expense
    Accounts Receivable Wages Payable Advertising Expense
    Telephone Expense
    Unearned Repair Revenue
    Prepaid Insurance
    Income Taxes Payable Depreciation Exp. – Truck Truck Operating Expense
    Prepaid Rent
    Common Stock Insurance Expense
    Utilities Expense
    Unused Supplies
    Interest Expense
    Wages Expense
    Truck
    Acc. Dep’n – Truck Income Taxes Expense

    Jnl. Entries

    Roth Contractors Corporation
    GENERAL JOURNAL
    Dec.
    2019 Description F Debit Credit
    Roth Contractors Corporation
    GENERAL JOURNAL
    Dec.
    2019 Description F Debit Credit
    Roth Contractors Corporation
    GENERAL JOURNAL
    Dec.
    2019 Description F Debit Credit

    Adj. Trial Bal.

    Roth Contractors Corporation
    Adjusted Trial Balance
    At December 31, 2019
    Post-closing Trial Balance
    Accounts Balances Closing Entries
    Account Title Debit Credit # Debit Credit # Debit Credit
    Cash
    Accounts Receivable
    Prepaid Insurance
    Prepaid Rent
    Unused Supplies
    Truck
    Accum. Dep’n. – Truck
    Accounts Payable
    Wages Payable
    Income Taxes Payable
    Unearned Revenue
    Common Stock
    Retained Earnings
    Income Summary
    Repair Revenue
    Advertising Expense
    Dep’n. Expense – Truck
    Insurance Expense
    Interest Expense
    Rent Expense
    Supplies Expense
    Telephone Expense
    Truck Operating Expense
    Utilities Expense
    Wages Expense
    Income Taxes Expense

    Statements

    Roth Contractors Corporation Roth Contractors Corporation
    Income Statement Balance Sheet
    For the Month Ended Dec. 31, 2019 At December 31, 2019
    Revenue Assets
    Expenses
    Liabilities
    Roth Contractors Corporation
    Statement of Changes in Equity Stockholders’ Equity
    For the Month Ended December 31, 2019
    Common stock Retained earnings Total equity
    Opening balance
    Ending balance

    Copyright

    Copyright © 2018 David Annand
    Published by David Annand
    Box 308, Rochester AB T0G 1Z0
    ISBN: 978-0-9953266-6-8
    Library and Archives Canada Cataloguing in Publication
    Annand, David, 1954–
    This case is licensed under a Creative Commons License, Attribution–Non-commercial–Share Alike 4.0 USA see www.creativecommons.org. This material may be reproduced for non-commercial purposes and changes may be used by others provided that credit is given to the author.
    To obtain permission for uses beyond those outlined in the Creative Commons license, such as personalized assignments for students, please contact David Annand at [email protected]
    Latest version available at https://open.bccampus.ca/find-open-textbooks/
    Please forward suggested changes to [email protected]
    First US Edition
    July 31, 2018

    nment Video for further instructions on how to complete the assessment.

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