$1.$ Journalize and Post Transactions and Adjustments D$.$ Roulstone opened Roulstone Roofing Service on April $1.$ Transactions for April follow. April $1$Roulstone contributed $$25,300$ cash to the business in exchange for common stock$\mathrm{.}2$Paid $$13,420$ cash for the purchase of a used truck$\mathrm{.}2$Purchased $$13,640$ of ladders and other equipment; the company paid $$2,200$ cash, with the balance due in $30$ days$\mathrm{.}3$Paid $$6,336$ cash for a two$-$year $($or $24-$month$)$ premium toward liability insurance$\mathrm{.}5$Purchased $$2,640$ of supplies on credit$\mathrm{.}5$Received an advance of $$3,960$ cash from a customer for roof repairs to be done during April and May$\mathrm{.}12$Billed customers $$12,100$ for roofing services performed$\mathrm{.}18$Collected $$10,780$ cash from customers toward their accounts billed on April $12\mathrm{.}29$Paid $$1,485$ cash for truck fuel used in April$\mathrm{.}30$Paid $$220$ cash for April newspaper advertising$\mathrm{.}30$Paid $$9,900$ cash for assistants$$ wages earned$\mathrm{.}30$Billed customers $$8,800$ for roofing services performed. Required a$.$ T$-$accounts are provided for the following accounts: cash, accounts receivable, supplies, prepaid insurance, trucks, accumulated depreciation$$trucks$,$ equipment, accumulated depreciation$$equipment$,$ accounts payable, unearned roofing fees, common stock, roofing fees earned, fuel expense, advertising expense, wages expense, insurance expense, supplies expense, depreciation expense$$trucks$,$ and depreciation expense$$equipment$.$ b$.$ Record these transactions for April using journal entries. c$.$ Post the journal entries from part b$.$ to their T$-$accounts $($reference transactions in T$-$accounts by date$).$ d$.$ Prepare journal entries to adjust the following accounts: insurance expense, supplies expense, depreciation expense$$trucks$,$ depreciation expense$$equipment$,$ and roofing fees earned. Supplies still available on April $30$ amount to $$440.$ Depreciation for April was $$275$ on the truck and $$77$ on equipment. One$-$fourth of the roofing fee received on April $5$ was earned by April $30.$ e$.$ Post the adjusting journal entries from part d$.$ to their T$-$accounts.

PROVIDE JOURNAL ENTRIES FOR ACCOUNTING ADJUSTMENTS AND T$-$ACCOUNTS.

$2.$ Inferring Transactions and Preparing Journal Entries

Costco Wholesale Corporation operates membership warehouses selling food, appliances, consumer electronics, apparel, and other household goods. Selected information from the company$$s balance sheets follows.

Selected Balance Sheet Data $($$ millions$)$Current Fiscal YearPrior Fiscal YearMerchandise inventories$$18,768$$$16,718$Deferred membership income $($liability$)2,7612,547$

Prepare journal entries for transactions in parts a through c$.$

a$.$ During the current fiscal year, Costco collected $$5,556$ million cash for membership fees.

b$.$ Costco recorded merchandise costs $($cost of goods sold$)$ of $$209,358$ million in the current fiscal year. $$211,408$

c$.$ Determine the value of merchandise Costco purchased during the current fiscal year. Assume all of Costco$$s purchases are on account, and recorded in accounts payable.

$3.$ Analyze and Report Financial Statement Effects of Transactions

M$.$ E$.$ Carter launched Carter Company, a professional services firm on March $1.$ The firm will prepare financial statements at each month$-$end. In March $($its first month$),$ Carter executed the following transactions. Enter the transactions, a through g$,$ into the financial statement effects template shown in the module.

a$.$ Carter $($owner$)$ invested in the company $$120,000$ cash and $$240,000$ in property and equipment. The company issued common stock to Carter.

b$.$ The company paid $$3,840$ cash for rent of office furnishings and facilities for March.

c$.$ The company performed services for clients and immediately received $$4,800$ cash for these services.

d$.$ The company performed services for clients and sent a bill for $$28,800$ with payment due within $60$ days.

e$.$ The company compensated an office employee with $$5,760$ cash as salary for March.

f$.$ The company received $$12,000$ cash as partial payment on the amount owed from clients in transaction d$.$

g$.$ The company paid $$1,122$ cash in dividends to Carter $($owner$).$

Note: Use negative signs with answers when appropriate.

Note: If an answer field is not needed, leave it blank $($not all answer fields will be used$).$

$4.$ Computing and Comparing Income and Cash Flow Measures

Penno Corporation recorded service revenues of $$400,000$ during the most recent fiscal year, of which $$340,000$ were on credit and $$60,000$ were for cash. Moreover, of the $$340,000$ credit sales, Penno collected $$40,000$ cash on those receivables before year$-$end. The company also paid $$50,000$ cash for wages for the year. Its employees also earned another $$30,000$ in wages during the year, which were not yet paid at year$-$end.

a$.$ Compute the company$$s net income for the fiscal year.

b$.$ How much net cash inflow or outflow did the company generate during the year?

Explain why Penno$$s net income and net cash flow differ.

Cash inflow from services rendered will be $

than service revenue per the income statement because Penno only collected $

$$moreless than wages expense on the...