Tim Sasse started Sasse Roof Repairs on April 2, 2014, by investing $4,000 cash in the business. During April, the fol
Tim Sasse started Sasse Roof Repairs on April 2, 2014, by investing $4,000 cash in the business. During
April, the following transactions occurred:
Apr. 6 Purchased supplies for $1,500 cash.
15 Repaired a roof for a customer and collected $600 cash.
25 Received $2,200 cash in advance from a customer for roof repairs to his house and garage.
On April 30, 2014, the following information was available:
1. Earned but unbilled revenue at April 30 was $600.
2. There is $800 of supplies on hand.
3. Of the $2,200 received on April 25, the company has earned $800 by completing repairs to the garage roof.
(a) Journalize the transactions.
(b) Post to the ledger accounts. (Use T accounts.)
(c) Journalize and post any required adjusting entries.
(d) Prepare an adjusted trial balance.
(e) Assuming the company closes its books on a monthly basis, journalize and post closing entries?