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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
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 |
