Assignment -03

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Journalizing and Posting Transactions, and Preparing a Trial Balance and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow.

Apr. 1	Roulstone contributed $11,500 cash to the business in exchange for common stock.
2	Paid $6,100 cash for the purchase of a used truck.
2	Purchased $3,100 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days.
3	Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance.
5	Purchased $1,200 of supplies on credit.
5	Received an advance of $1,800 cash from a customer for roof repairs 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 accounts billed on April 12.
29	Paid $675 cash for truck fuel used in April.
30	Paid $100 cash for April newspaper advertising.
30	Paid $2,500 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; 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. Record these transactions for April using journal entries.

General Journal
Date	Description	Debit	Credit
Apr. 1	Answer	Answer	Answer
	Answer	Answer	Answer
	Owner invested cash.

Apr. 2	Answer	Answer	Answer
	Answer	Answer	Answer
	Purchased truck.

Apr. 2	Answer	Answer	Answer
	Cash	Answer	Answer
	Answer	Answer	Answer
	Purchased equipment.

Apr. 3	Answer	Answer	Answer
	Answer	Answer	Answer
	Purchased liability insurance.

Apr. 5	Answer	Answer	Answer
	Answer	Answer	Answer
	Purchased supplies.

Apr. 5	Answer	Answer	Answer
	Answer	Answer	Answer
	Received advanced payment for repair work.

Apr. 12	Answer	Answer	Answer
	Answer	Answer	Answer
	Billed for services performed.

Apr. 18	Answer	Answer	Answer
	Answer	Answer	Answer
	Collected from customers billed on April 12.

Apr. 29	Answer	Answer	Answer
	Answer	Answer	Answer
	Paid for April fuel expense.

Apr. 30	Answer	Answer	Answer
	Answer	Answer	Answer
	Paid for April newspaper advertising.

Apr. 30	Answer	Answer	Answer
	Answer	Answer	Answer
	Paid wages.

Apr. 30	Answer	Answer	Answer
	Answer	Answer	Answer
	Recorded fees earned.

Post the above entries to their T-accounts. Enter transactions in the T-accounts in the order they appear. Compute the unadjusted balance, if requested. Adjusting entries will also be posted to these T-accounts (see below).

Cash
Apr. 1	Answer	Answer	Apr. 2
Apr. 5	Answer	Answer	Apr. 2
Apr. 18	Answer	Answer	Apr. 3
	Answer	Answer	Apr. 29
	Answer	Answer	Apr. 30
	Answer	Answer	Apr. 30
Bal.	Answer	Answer

Accounts Receivable
Apr. 12	Answer	Answer	Apr. 18
Apr. 30	Answer	Answer
Bal.	Answer	Answer

Supplies
Apr. 5	Answer	Answer
Unadj. Bal.	Answer	Answer	Apr. 30
Adj. Bal.	Answer	Answer

Prepaid Insurance
Apr. 3	Answer	Answer
Unadj. Bal.	Answer	Answer	Apr. 30
Adj. Bal.	Answer	Answer

Trucks
Apr. 2	Answer	Answer
Bal.	Answer	Answer

Equipment
Apr. 2	Answer	Answer
Bal.	Answer	Answer

Accumulated Depreciation - Equipment
	Answer	Answer	Apr. 30
	Answer	Answer	Adj. Bal.

Accumulated Depreciation - Trucks
	Answer	Answer	Apr. 30
	Answer	Answer	Adj. Bal.

Accounts Payable
	Answer	Answer	Apr. 2
	Answer	Answer	Apr. 5
	Answer	Answer	Bal.

Unearned Roofing Fees
	Answer	Answer	Apr. 5
	Answer	Answer	Unadj. Bal.
Apr. 30	Answer	Answer	Adj. Bal.

Common Stock
	Answer	Answer	Apr. 1
	Answer	Answer	Bal.

Roofing Fees Earned
	Answer	Answer	Apr. 12
	Answer	Answer	Apr. 30
	Answer	Answer	Unadj. Bal.
	Answer	Answer	Apr. 30
	Answer	Answer	Adj. Bal.

Depreciation Expense - Trucks
Apr. 30	Answer	Answer
Adj. Bal.	Answer	Answer

Fuel Expense
Apr. 29	Answer	Answer
Bal.	Answer	Answer

Advertising Expense
Apr. 30	Answer	Answer
Bal.	Answer	Answer

Depreciation Expense - Equipment
Apr. 30	Answer	Answer
Adj. Bal.	Answer	Answer

Wages Expense
Apr. 30	Answer	Answer
Bal.	Answer	Answer

Supplies Expense
Apr. 30	Answer	Answer
Adj. Bal.	Answer	Answer

Insurance Expense
Apr. 30	Answer	Answer
Adj. Bal.	Answer	Answer

Prepare an unadjusted trial balance at April 30.

Roulstone Roofing Service Unadjusted Trial Balance April 30
	Debit	Credit
Cash	$Answer
Accounts Receivable	Answer
Supplies	Answer
Prepaid Insurance	Answer
Trucks	Answer
Equipment	Answer
Accounts Payable		$Answer
Unearned Roofing Fees		Answer
Common Stock		Answer
Roofing Fees Earned		Answer
Fuel Expense	Answer
Advertising Expense	Answer
Wages Expense	Answer
Totals	$Answer	$Answer

1. Record adjusting entries in the general journal.

2. Post adjusting entries in the T-accounts above. Compute final balances, if requested.

· Record insurance expense for April.

· Supplies still available on April 30 was $400.

· Record depreciation expense of $125 for truck for April.

· Record depreciation expense of $35 for equipment for April.

· One-fourth of roofing fee received April 5, was earned by April 30.

General Journal
Date	Description	Debit	Credit
Apr. 30	Answer	Answer	Answer
	Answer	Answer	Answer
	To record insurance expense.

Apr. 30	Answer	Answer	Answer
	Answer	Answer	Answer
	To record supplies expense.

Apr. 30	Answer	Answer	Answer
	Answer	Answer	Answer
	To record truck depreciation expense.

Apr. 30	Answer	Answer	Answer
	Answer	Answer	Answer
	To record equipment depreciation expense.

Apr. 30	Answer	Answer	Answer
	Answer	Answer	Answer
	To record fees earned.

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