Reference no: EM132938188
Journalizing and Posting Transactions, and Preparing a Trial Balance and Adjustments B. Lougee opened Lougee Roofing Service on April 1, 2019. Transactions for April are as follows:
Apr.
1 Lougee contributed $11,500 cash to the business in exchange for common stock.
1 Paid $2,880 cash for two-year premium toward liability insurance effective immediately.
2 Paid $6,100 cash for the purchase of a used truck.
2 Purchased $3,100 of ladders and other equipment; paid $1,000 cash, with the balance due in 30 days.
5 Purchased $1,200 of supplies on account.
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
Problem a. Record these transactions for April (1) using the financial statement effects template.
Problem b. Prepare entries to adjust the books for these items using the FSET. Supplies still available on April 30 amount to $400. Depreciation for April was $125 on the truck and $35 on equipment. One-fourth of the roofing fees received in advance was earned by April 30.
Problem c. Prepare the Balance Sheet for April 30, 2019, and the Income Statement, and Statement of Stockholders' Equity for the month ending April 30, 2019.
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