Please answering the following question by completeing steps A and B being posti
ID: 2521391 • Letter: P
Question
Please answering the following question by completeing steps A and B being posting to the general ledger and filling out the t-accounts.
Transaction Entries, Posting, Trial Balance, and Adjusting Entries Mark Ladd opened Ladd Roofing Service on April 1. Transactions for April are as follows 1 Ladd contributed his personal funds in exchange for $13,500 6,100 3 Purchased ladders and other equipment for a total of 3,100 common stock to begin the business. 2 Purchased a used truck for cash. Paid cash of $1,000, with the balance due in 30 days 4 Paid two-year premium on liability insurance 5 Purchased supplies on account 6 Received an advance payment from a customer for 3,000 1,200 roof repair work to be done in April and May 7 Billed customers for roofing services. 8 Collected on account from customers. 9 Paid bill for truck fuel used in April 10 Paid April newspaper advertising. 11 Paid assistants' wages. 12 Billed customers for roofing services. 1,800 5,500 6,500 75 100 4,500 5,000Explanation / Answer
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A and D: Journal including Adjusting Entries
c. Ledger:(including adjusting entry posting)
Event Account Debit Credit 1 Cash 13500 Common Stock 13500 (Issuance of common stock) 2 Trucks 6100 Cash 6100 (to record purchase of trucks) 3 Equipment 3100 Cash 1000 Accounts Payable (3100-1000) 2100 (to record purchase of equipment) 4 Prepaid insurance 3000 Cash 3000 (paid two year permium) 5 Supplies 1200 Accounts Payable 1200 (purchase supplies on account) 6 Cash 1800 Unearned roofing fees 1800 (receive advance payment for service) 7 Accounts Receivable 5500 Roofing Fees earned 5500 (to record billing of service) 8 Cash 6500 Accounts Receivable 6500 (collected from customers) 9 Fuel Expense 75 Cash 75 (paid truck fuel) 10 Advertising Expense 100 Cash 100 (paid advertising expense) 11 wage Expense 4500 Cash 4500 (paid assistants wages) 12 Accounts Receivable 5000 Roofing Fees earned 5000 (to record billing of service) Adjusting Entries: 1 Insurance Expense (3000/2) 1500 Prepaid Insurance 1500 (One year Insurance amortized) 2 Supplies Expense (1200-800) 400 Supplies 400 (Supplies expense recorded) 3 Depreciation Expense-Trucks 155 Depreciation Expense-Equipment 35 Accumulated Depreciation-Trucks 155 Accumulated Depreciation-Equipment 35 (Depreciation for April recorded) 4 Unearned roofing fees (1800*1/4) 450 Roofing Fees earned 450 (Advance received allocated to fee earned)