Journalizing and Posting Transactions and Adjustments D.Roulstone opened Roulstone Roofing Service on April 1. Transactionsfor April follow.
| Apr.1 | Roulstone contributed $11,500 cash to the business in exchangefor common stock. |
| 2 | Paid $6,100 cash for the purchase of a used truck. |
| 2 | Purchased $6,200 of ladders and other equipment; the companypaid $1,000 cash, with the balance due in 30 days. |
| 3 | Paid $2,880 cash for two-year (or 24-month) premium towardliability insurance. |
| 5 | Purchased $1,200 of supplies on credit. |
| 5 | Received an advance of $1,800 cash from a customer for roofrepairs to be done during April and May. |
| 12 | Billed customers $5,500 for roofing services performed. |
| 18 | Collected $4,900 cash from customers toward their accountsbilled on April 12. |
| 29 | Paid $675 cash for truck fuel used in April. |
| 30 | Paid $100 cash for April newspaper advertising. |
| 30 | Paid $4,500 cash for assistants' wages earned. |
| 30 | Billed customers $4,000 for roofing services performed. |
Using the following accounts: Cash; Accounts Receivable;Supplies; Prepaid Insurance; Trucks; AccumulatedDepreciation-Trucks; Equipment; Accumulated Depreciation-Equipment;Accounts Payable; Unearned Roofing Fees; Common Stock; Roofing FeesEarned; Fuel Expense; Advertising Expense; Wages Expense; InsuranceExpense; Supplies Expense; Depreciation Expense-Trucks; andDepreciation Expense-Equipment.
b. Record these transactions for April using journal entries.
Post the above journal entries from part b. to theirT-accounts.
Enter transactions in the T-accounts in the order they appear,using the first available answer box on the appropriate side of theT-account.
- Record insurance expense for April.
- Supplies still available on April 30 was $200.
- Record depreciation expense of $125 for truck for April.
- Record depreciation expense of $35 for equipment forApril.
- One-fourth of roofing fee received April 5, was earned by April30.
