The trial balance columns of the worksheet for Warren Roofing at March 31, 2020, are as follows. Other data: 1. A physical count reveals only $480 of roofing supplies on hand. 2. Depreciation for March is $250. 3. Unearned revenue
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.
a. Enter the trial balance on a worksheet and complete the worksheet.
b. Prepare an income statement and owners equity statement for the month of March and a classified balance sheet at March 31. T. Warren 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.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Warren Roofing Worksheet For the Month Ended March 31, 2020 Trial Balance Account Titles Dr. Cr. Cash 4,500 Accounts Receivable 3,200 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable 2,000 11,000 1,250 2,500 Unearned Service Revenue 550 Owner's Capital Owner's Drawings 12,900 1,100 Service Revenue 6,300 Salaries and Wages Expense Miscellaneous Expense 1,300 400 23,500 23,500
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a WARREN ROOFING Worksheet For the Month Ended March 31 2020 Account Titles Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash Accounts …View the full answer
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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