Question & Answer: Can someone show me how to do this question? I've already went through it but I just wanna make sure I'm putting things in the right spots:…..

Can someone show me how to do this question? I’ve already went through it but I just wanna make sure I’m putting things in the right spots:

Transaction entries, Posting, Trial balance and adjusting entries

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Question & Answer: Can someone show me how to do this question? I've already went through it but I just wanna make sure I'm putting things in the right spots:…..
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Mark Ladd opened a Ladd Roofing Service on April 1. Transactions are as follows:

1 Ladd contributed $13,500 of his personal funds in exchange for common stock to begin the business

2 Purchased a used truck for $6,100 cash

3 Purchased ladders and other equipment for a total of $3,100, paid $1,000 cash, with the balance due in the 30 days

4 Paid two-year premium on liability insurance, $3,000

5 Purchased supplies on acount, $1,200

6 Received an advanced payment of $1,800 from a customer for roof repair work to be done during April and May

7 Billed customers for roofing services, $5,500

8 Collected $6,500 on account from customers

9 Paid bill for truck fuel used in April, $75

10 Paid April newspaper advertising, $100

11 Paid assistants wages, $4,500

12 Billed customers for roofing services, $5,000

We have to make a general journal, general ledger and then the trial balance

Expert Answer

 

Answer 1.
Journal Entry
Date Particulars Dr. Amt. Cr. Amt.
1 Cash                                                          Dr.          13,500
   To Common Stock          13,500
2 Truck                                                        Dr.            6,100
   To Cash            6,100
3 Equipments                                          Dr.            3,100
   To Cash            1,000
   To Accounts Payable            2,100
4 Prepaid Insurance                             Dr.            3,000
   To Cash            3,000
5 Supplies                                                 Dr.            1,200
   To Accounts Payable            1,200
6 Cash                                                          Dr.            1,800
To Unearned Revenue            1,800
.
7 Accounts Receivable                         Dr.            5,500
To Service Revenue            5,500
8 Cash                                                          Dr.            6,500
To Accounts Receivable            6,500
9 Fuel Expenses                                      Dr.                  75
   To Cash                  75
10 Advertising Expenses                       Dr.                100
   To Cash                100
11 Salaries & Wages Expenses            Dr.            4,500
   To Cash            4,500
12 Accounts Receivable                         Dr.            5,000
To Service Revenue            5,000
Answer 2.
Cash Supplies Prepaid Insurance
1          13,500            6,100 2 5         1,200 4            3,000
6            1,800            1,000 3
8            6,500            3,000 4
                 75 9
               100 10
           4,500 11
End. Bal.            7,025 End. Bal.         1,200 End. Bal.            3,000
Equipment Accounts Receivable Truck
3            3,100 7         5,500            6,500 8 2            6,100
12         5,000
End. Bal.            3,100 End. Bal.         4,000 End. Bal.            6,100
Common Stock Accounts Payable Unearned revenue
         13,500 1            2,100 3          1,800 6
           1,200 5
End. Bal.          13,500 End. Bal.            3,300 End. Bal.          1,800
Service Revenue Fuel Expenses Advertisement Expenses
           5,500 7 9               75 10                100
           5,000 12
End. Bal.          10,500 End. Bal.               75 End. Bal.                100
Salaries & Wages Expenses
11            4,500
End. Bal.            4,500
Answer 3.
Adjusted Trial Balance
June 30, 2018
Particulars Dr. Amt. Cr. Amt.
Cash              7,025
Supplies              1,200
Prepaid Insurance              3,000
Equipment              3,100
Accounts Receivable              4,000
Truck              6,100
Common Stock            13,500
Accounts Payable              3,300
Unearned revenue              1,800
Service Revenue            10,500
Fuel Expenses                    75
Advertisement Expenses                  100
Salaries & Wages Expenses              4,500
Total            29,100            29,100

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