2. Suppose the March 31 balance of Supplies changed to $750, show how this changes the...

 

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2. Suppose the March 31 balance of Supplies changed to $750, show how this changes the Worksheet, Income Statement, the Balance Sheet, and both adjusting and closing entries. Suppose the March 31 balance of Unearned Service Revenue changed to $350, show how this changes the Worksheet, Income Statement, the Balance Sheet, and both adjusting and closing entries. (a) (b) Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals Supplies Expense Depreciation Expense Salaries and Wages Payable Totals Net income Totals Revenues Services Revenue Expenses Salaries and wages expense Supplies expense Net income Miscellaneous expense Depreciation expense Total expenses Trial Balance Cr. Dr. 4,500 3,200 2,000 11,000 LAMPERT ROOFING Income Statement For the Month Ended March 31, 2019. 1,100 1,300 400 23,500 $ 2,000 1,450 400 250 $ $ 1,250 2,500 550 10,000 2,900 6,300 23,500 6,510 4,100 2,410 LAMPERT ROOFING Worksheet For the Month Ended March 31, 2019 Dr. Adjustments 210 700 1450 250 2610 Cr. 1450 250 210 700 2610 Adjusted Trial Balance Dr. Cr. 4500 3200 550 11000 1100 2000 400 1450 250 24450 1500 2500 340 10000 2900 6510 700 24450 Income Statement Dr. Cr. 2000 400 1450 250 4100 2410 6510 6510 6510 6510 Balance Sheet Dr. Cr. 4500 3200 550 1100 1100 20350 20350 1500 2500 340 10000 2900 700 17940 2410 20350 Retained Earnings, March 1 Add: Net income LAMPERT ROOFING Retained Earnings Statement For the Month Ended March 31, 2019 Less: Dividends Retained Earnings, March 31 Current Assets Cash Accounts receivable Supplies Total current assets Property, plant and equipment Current liabilities LAMPERT ROOFING Balance Sheet March 31, 2019 Assets Equipment Less: Accumulated depreciation -equipment Total assets Accounts payable Salaries and wages payable Unearned service revenue Total current liabilities Stockholder's equity Common stock Liabilities and Stockholder's Equity 4,500 3,200 550 Retained earnings Total liabilities and stockholder's equity 11,000 1,500 2,500 700 340 10,000 4,210 $ $ $ $2,900 2,410 5,310 1,100 4,200 8,250 9,500 17,750 3,540 14,210 17,750 =(c) (d) Adjusting entries: Mar 31 Mar 31 Mar 31 Mar 31 Closing entries: Mar 31 Mar 31 Mar 31 Mar 31 Supplies Expense Supplies Depreciation expense ccumilated depreciation Expens Unearned service revenue Service revenue Salaries & wages expense Salaries & wages payable Service revenues Income Statement Income Statement Saries & wages expense Supplies Expense Misc Expense Deperication Expense Income Statement Retained Earnings Retained Earnings Dividends 1,450 250 210 700 6510 4,100 2,410 1,100 1,450 250 210 700 6,510 2,000 1,450 400 250 2,410 1,100 2. Suppose the March 31 balance of Supplies changed to $750, show how this changes the Worksheet, Income Statement, the Balance Sheet, and both adjusting and closing entries. Suppose the March 31 balance of Unearned Service Revenue changed to $350, show how this changes the Worksheet, Income Statement, the Balance Sheet, and both adjusting and closing entries. (a) (b) Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals Supplies Expense Depreciation Expense Salaries and Wages Payable Totals Net income Totals Revenues Services Revenue Expenses Salaries and wages expense Supplies expense Net income Miscellaneous expense Depreciation expense Total expenses Trial Balance Cr. Dr. 4,500 3,200 2,000 11,000 LAMPERT ROOFING Income Statement For the Month Ended March 31, 2019. 1,100 1,300 400 23,500 $ 2,000 1,450 400 250 $ $ 1,250 2,500 550 10,000 2,900 6,300 23,500 6,510 4,100 2,410 LAMPERT ROOFING Worksheet For the Month Ended March 31, 2019 Dr. Adjustments 210 700 1450 250 2610 Cr. 1450 250 210 700 2610 Adjusted Trial Balance Dr. Cr. 4500 3200 550 11000 1100 2000 400 1450 250 24450 1500 2500 340 10000 2900 6510 700 24450 Income Statement Dr. Cr. 2000 400 1450 250 4100 2410 6510 6510 6510 6510 Balance Sheet Dr. Cr. 4500 3200 550 1100 1100 20350 20350 1500 2500 340 10000 2900 700 17940 2410 20350 Retained Earnings, March 1 Add: Net income LAMPERT ROOFING Retained Earnings Statement For the Month Ended March 31, 2019 Less: Dividends Retained Earnings, March 31 Current Assets Cash Accounts receivable Supplies Total current assets Property, plant and equipment Current liabilities LAMPERT ROOFING Balance Sheet March 31, 2019 Assets Equipment Less: Accumulated depreciation -equipment Total assets Accounts payable Salaries and wages payable Unearned service revenue Total current liabilities Stockholder's equity Common stock Liabilities and Stockholder's Equity 4,500 3,200 550 Retained earnings Total liabilities and stockholder's equity 11,000 1,500 2,500 700 340 10,000 4,210 $ $ $ $2,900 2,410 5,310 1,100 4,200 8,250 9,500 17,750 3,540 14,210 17,750 =(c) (d) Adjusting entries: Mar 31 Mar 31 Mar 31 Mar 31 Closing entries: Mar 31 Mar 31 Mar 31 Mar 31 Supplies Expense Supplies Depreciation expense ccumilated depreciation Expens Unearned service revenue Service revenue Salaries & wages expense Salaries & wages payable Service revenues Income Statement Income Statement Saries & wages expense Supplies Expense Misc Expense Deperication Expense Income Statement Retained Earnings Retained Earnings Dividends 1,450 250 210 700 6510 4,100 2,410 1,100 1,450 250 210 700 6,510 2,000 1,450 400 250 2,410 1,100