Question: a issued common stock for cash 2000 b paid cash...
a. Issued common stock for cash 2,000 b. Paid cash for three month's rent: December 2019, January and February 2020 2,400 c. Purchased a used truck on credit (recorded as an account payable) 13,000 d. Purchased supplies on credit. These are expected to be used during the month (recorded as expense) 1,600 e. Paid for a one-year truck insurance policy, effective December 1 2,280 f. Billed a customer for work completed to date 6,000 g. Collected cash for work completed to date 4,000 h. Paid the following expenses in cash: Advertising 700 Interest 700 Telephone 800 Truck operating 600 Wages 5,000 i. Collected part of the amount billed in f above 1,000 j. Billed customers for work completed to date 7,000 k. Signed a contract for work to be performed in January 2020 9000 5,000 l. Paid the following expenses in cash: Advertising 600 Interest 600 Truck operating 900 Wages 2,000 m. Collected an advance on work to be done in January (the policy of the coproration is to record such advances as revenue at the the time they are received) 2,000 n. Received a bill for electricity used during the month (recorded as utilities expense) 800 December Adjusting Entries Amount o. One month of the prepaid insurance has expired. $170 p. The December portion of the rent paid on December 1 has expired. $900 q. Counted supplies and found this amount still on hand (recorded the amount used as an expense) $100 r. The amount collected in transaction m is unearned at December 31. $2,000 s. Three days of wages for December 29, 30, and 31 are unpaid. These will be paid in January. $2,900 t. One month of depreciation needs to be recorded. Estimated useful life of truck in years is: 361.1111111 3 u. Income taxes expense to be paid in the next fiscal year. $100 7 Prepare closing entries and a post-closing trial balance at December 31, 2019.
Estimated useful life of the truck is 3 years I don't know how to figure account balances, closing entries and post-closing balances. Struggling with income statement as well