The trial balance columns of the worksheet for Firmament Roofing, Ltd. at March 31, 2017, are as follows.

Other data:

1. A physical count reveals only £550 of roofing supplies on hand.

2. Depreciation for March is £250.

3. Unearned service revenue amounted to £220 at March 31.

4. Accrued salaries are £420.

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 month of March and a classified statement of financial position at March 31. Ordinary shares were issued in exchange for £10,000 cash at the beginning of 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.

Transcribed Image Text:

FIRMAMENT ROOFING, LTD Worksheet For the Month Ended March 31, 2017 Trial Balance Account Titles Dr 2,720 2,700 1,500 11,000 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Share Capital-Ordinary Dividends Service Revenue Salaries and Wages Expense Miscellaneous Expense 1,250 2,500 650 10,000 1,100 6,300 1,300 380 20,700 20,700