Problem 4-1B 1. Supplies on hand total $280. (Hint: How much was "used up".) 2. Depreciation is $800 per quarter. (Hint: Remember - the "quarter" is 3 month.) 3. Interest accrued on 6-month note payable, issued January 1,$300. (Hint: accrued does NOT mean that you paid it - "Cash" is NOT affected.) 4. Insurance expires (is used up) at the rate of $200 per month. 5. Services performed but unbilled at March 31 total $2,030. Instructions (a) Enter the trial balance on a worksheet (completed for you) ... AND ... complete the worksheet. (b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31. (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. Instruction (b) ... part 1 - Complete the Income Statement If you have extra lines you can delete them (google "how to delete a line in a WORD table") \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Assets } \\ \hline Current Assets: \\ \hline & \\ \hline & \\ \hline Total Current Assets & \\ \hline Property, Plant, Equipment: & \\ \hline & \\ \hline Total Assets & \\ \hline & \\ \hline & Liabilities and Stockholders' Equity \\ \hline Current Liabilities: & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Current Liabilities & \\ \hline Stockholders Equity: & \\ \hline & \\ \hline Total Liabilities \& Equity \\ \hline \end{tabular} Instruction (c) ... Complete the Adfustlag Entries Instruetion (d) .. Complate the Closing Entries