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285 and had the following transactions during December: Part A a. Issued common stock for $,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-vear truck insurance policy, effective December 1 f. Billed a customer $4,500 for work completed to date B. 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 1. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in lanuary 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. Recelved a bill for $100 for electricity used during the month (recorded as utilities expense). Required: 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 Expease. Truck Operating Expense, Utilities Expense, and Wages Expense, Genera 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 icager Traccounts Part B The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m is unearned at December 31. 5. Three days of wages for December 29,30 , and 31 are unpaid, amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year. Required: 4. Open additional general ledger T-accounts for the following: Unused Supplies, Accumulated Depreciation, Wages Payable, Unearned Revenue, Income Taxes Payable, Depreciation Expense. Insurance Expense, Rent Expense, and Income Taxes Expense. General ledger account numbers are not necessary. 5. Prepare all necessary adjusting entries. Generalledger account numbers and descriptions are not necessary 6. Post the entries to general lediger T-accounts and calculate balances. 7. Prepare an adjusted triat balance at December 31 8. Assume the fiscal yeat-end is December 31. 2019. Pacpare an income statement, statement of changes is cquity and bolance shreet - Prepare closing entries and a post clowing trat baimes at December 31.2019 285 and had the following transactions during December: Part A a. Issued common stock for $,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-vear truck insurance policy, effective December 1 f. Billed a customer $4,500 for work completed to date B. 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 1. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in lanuary 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. Recelved a bill for $100 for electricity used during the month (recorded as utilities expense). Required: 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 Expease. Truck Operating Expense, Utilities Expense, and Wages Expense, Genera 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 icager Traccounts Part B The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m is unearned at December 31. 5. Three days of wages for December 29,30 , and 31 are unpaid, amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year. Required: 4. Open additional general ledger T-accounts for the following: Unused Supplies, Accumulated Depreciation, Wages Payable, Unearned Revenue, Income Taxes Payable, Depreciation Expense. Insurance Expense, Rent Expense, and Income Taxes Expense. General ledger account numbers are not necessary. 5. Prepare all necessary adjusting entries. Generalledger account numbers and descriptions are not necessary 6. Post the entries to general lediger T-accounts and calculate balances. 7. Prepare an adjusted triat balance at December 31 8. Assume the fiscal yeat-end is December 31. 2019. Pacpare an income statement, statement of changes is cquity and bolance shreet - Prepare closing entries and a post clowing trat baimes at December 31.2019

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