I need this excel sheet completed witht he corrected T accounts and journal entries.

1 answer below »
I need this excel sheet completed witht he corrected T accounts and journal entries.
Answered Same DaySep 04, 2021

Answer To: I need this excel sheet completed witht he corrected T accounts and journal entries.

Yash answered on Sep 05 2021
145 Votes
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 need
ed.
    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...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here