Hercules Poirot began operations as a private investigator on January 1, 2017. The trial balance columns of the worksheet for Hercules Poirot, P.I., SA at March 31 are as follows.

Other data:

1. Supplies on hand total €500.

2. Depreciation is €680 per quarter.

3. Interest accrued on 6-month note payable, issued January 1, €300.

4. Insurance expires at the rate of €200 per month.

5. Services performed but unbilled at March 31 total €1,080.

Instructions

(a) Enter the trial balance on a worksheet and complete the worksheet.

(b) Prepare an income statement and a retained earnings statement for the quarter and a classified statement of financial position at March 31.

(c) Journalize the adjusting entries from the adjustments columns of the worksheet.

(d) Journalize the closing entries from the fi nancial statement columns of the worksheet.

Transcribed Image Text:

HERCULES POIROT, P.I., SA Worksheet For the Quarter Ended March 31, 2017 Trial Balance Account Titles Cr Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Share Capital-Ordinary Dividends Service Revenue Salaries and Wages Expense Travel Expense Rent Expense Miscellaneous Expense 11,410 5,920 1,250 2,400 15,000 10,000 7,350 14,000 600 10,200 2,240 1,300 1,200 230 41,550 41,550