The trial balance columns of the worksheet for Wang Roofing at March 31, 2020, are as follows
Question:
The trial balance columns of the worksheet for Wang Roofing at March 31, 2020, are as follows (amounts in thousands).
Other data:
1. A physical count reveals only ¥480 of roofing supplies on hand.
2. Depreciation for March is ¥250.
3. Unearned revenue amounted to ¥260 at March 31.
4. Accrued salaries are ¥700.
Instructions
a. Enter the trial balance on a worksheet and complete the worksheet.
b. Prepare an income statement and owner’s equity statement for the month of March and a classified statement of financial position at March 31. T. Wang made an additional investment in the business of ¥10,000 in March.
c. Journalize the adjusting entries from the adjustments columns of the worksheet.
d. Journalize the closing entries from the financial statement columns of the worksheet.
Step by Step Answer:
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt