Roland Company began operations on December 1 and needs assistance in preparing December 31 financial...
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Accounting
Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work.
Dec 1 prepaid a 24 month insurance policy(coverage starting immediately) for $2,400 cash.
Dec 7 purchased supplies for $2,000 cash.
Dec13 agreed to do $10,000 worth of work for Telo over the next 30 days. payment is to be received when the work is completed on Jan 12.
Dec 24 received $4,000 cash in advance to perform work for ABX over the next four weeks.
Dec. 31 Year-End
Jan 5 paid wages of $800 csh to workers.
Jan 12 received $10,000 cash from Telo for work performed over the last 30 days
Additional Information as of December 31
Telo Job Completion at Year-End: Telo 60% Telo Complete
ABX Job Completion at Year-End:Abx 23% Complete
Supplies Remaining at Year-End:$700
Wages Earned By Workers but not yet Paid at Year-End:$500
1. Record the journal entries required for December, excluding the December 31 year-end adjusting entries. 2. Record the December 31 year-end adjusting entries for (a) prepaid insurance, (b) supplies, (c) accrued wages, (d) accrued revenue, and (e) unearned revenue. 3. Record the journal entries required for January.
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