Please answer the following question by examining steps C and D to correct the i

ID: 2522566 • Letter: P

Question

Please answer the following question by examining steps C and D to correct the incorrect answers (marked by RED x) if you could also go through steps a and b and tell my why those are wrong i would appreciate that. I will also include the links to where these answers came from if it may be helpful to you,

https://www.chegg.com/homework-help/questions-and-answers/please-answering-following-question-completeing-steps-b-posting-general-ledger-filling-t-a-

https://www.chegg.com/homework-help/questions-and-answers/please-answer-following-questions-completeing-steps-c-d-preparing-unadjusted-trial-balance-q28397169

Again, please correct any incorrect answers indicated by the Red x.

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 common stock to begin the business $13,500 6,100 3,100 2 Purchased a used truck for cash 3 Purchased ladders and other equipment for a total of 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 5,000 Required a. Set up a general ledger with the following accounts: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Trucks; Accumulated Depreciation-Trucks; Equipment; Accumulated Depreciation-Equipment; Accounts Payable; Unearned Roofing Fees; Common Stock; Roofing Fees Earned; Fuel Expense; Advertising Expense; Wages Expense; Insurance Expense; Supplies Expense; Depreciation Expense-Trucks; and Depreciation Expense-Equipment.

Explanation / Answer

Answer b. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Cash 13,500.00 Common Stock 13,500.00 (To record the issue of Common Stock) 2 Truck 6,100.00 Cash 6,100.00 (To record the purchase of Truck) 3 Equipment 3,100.00 Cash 1,000.00 Accounts Payable 2,100.00 (To record the purchase of Truck) 4 Prepaid Insurance 3,000.00 Cash 3,000.00 (To record the insurance paid for 2 years) 5 Supplies 1,200.00 Accounts Payable 1,200.00 (To record the purchase of supplies) 6 Cash 1,800.00 Unearned Roofing Fees 1,800.00 (Record the advance received) 7 Accounts Receivable 5,500.00 Roofing Fees Earned 5,500.00 (To record the roofing fees earned) 8 Cash 6,500.00 Accounts Receivable 6,500.00 (To record the cash collected) 9 Fuel Expenses 75.00 Cash 75.00 (To record the fuel expenses) 10 Advertising Expense 100.00 Cash 100.00 (To record the advertising expense) 11 Wages Expense 4,500.00 Cash 4,500.00 (To record the wages expense) 12 Accounts Receivable 5,000.00 Roofing Fees Earned 5,000.00 (To record the roofing fees earned) Adjusting Entry a. Supplies Expense ($1,200 - $800) 400.00 Supplies 400.00 (To record the supplies expense) b. Depreciation Expense - Trucks 155.00 Accumulated Dep. - Truck 155.00 (To record the depreciation exp.) c. Depreciation Expense - Equipment 35.00 Accumulated Dep. - Equipment 35.00 (To record the depreciation exp.) d. Unearned Roofing Fees ($1,800 X 1/4) 450.00 Roofing Fees Earned 450.00 (To record the roofing fees earned) e. Insurance Expense 125.00 Prepiad Insurance 125.00 (To record the insurance exp.) Answer a, b &d Cash Accounts Receivable Supplies 1 13,500.00 6,100.00 2 7 5,500.00 6,500.00 8 5 1,200.00 6 1,800.00 1,000.00 3 12 5,000.00 8 6,500.00 3,000.00 4 75.00 9 100.00 10 4,500.00 11 Unadj. Bal. 7,025.00 Unadj. Bal. 4,000.00 Unadj. Bal. 1,200.00 400.00 a. Adj. Bal. 7,025.00 Adj. Bal. 4,000.00 Adj. Bal. 800.00 Prepaid Insurance Trucks Accumulated Depreciation - Trucks 4 3,000.00 2 6,100.00 Unadj. Bal. 3,000.00 Unadj. Bal. 6,100.00 Unadj. Bal. - 125.00 e. 155.00 b. Adj. Bal. 2,875.00 Adj. Bal. 6,100.00 Adj. Bal. 155.00 Equipment Accumulated Depreciation - Equipment 3 3,100.00 Unadj. Bal. 3,100.00 Unadj. Bal. - 35.00 c. Adj. Bal. 3,100.00 Adj. Bal. 35.00 Accounts Payable Common Stock 2,100.00 3 Unearned Roofing Fees 13,500.00 1 1,200.00 5 1,800.00 6 Unadj. Bal. 3,300.00 Unadj. Bal. 13,500.00 Unadj. Bal. 1,800.00 Adj. Bal. 3,300.00 d. 450.00 Adj. Bal. 1,350.00 Adj. Bal. 13,500.00 Advertising Expense Roofing Fees Earned Fuel Expense 10 100.00 5,500.00 7 9 75.00 5,000.00 12 Unadj. Bal. 100.00 Unadj. Bal. 10,500.00 Unadj. Bal. 75.00 450.00 d. Adj. Bal. 10,950.00 Adj. Bal. 75.00 Adj. Bal. 100.00 Wages Expense Insurance Expense Supplies Expense 11 4,500.00 Unadj. Bal. 4,500.00 Unadj. Bal. - Unadj. Bal. - e. 125.00 a. 400.00 Adj. Bal. 4,500.00 Adj. Bal. 125.00 Adj. Bal. 400.00 Depreciation Expense - Equipment Depreciation Expense - Truck Unadj. Bal. - Unadj. Bal. - c. 35.00 b. 155.00 Adj. Bal. 35.00 Adj. Bal. 155.00 Answer c. LADD ROOFING SERVICE Unadjusted Trial Balance For the Month ended April 30 Trial Balance Debit Credit Cash 7,025.00 Accounts Receivable 4,000.00 Equipment 3,100.00 Prepaid Insurance 3,000.00 Supplies 1,200.00 Truck 6,100.00 Accounts Payable 3,300.00 Unearned Roofing Fees 1,800.00 Common Stock 13,500.00 Roofing fees Earned 10,500.00 Fuel Expense 75.00 Advertising Expense 100.00 Wages Expense 4,500.00 Totals 29,100.00 29,100.00

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