The trial balance columns of the worksheet for Warren Roofing

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

The trial balance columns of the worksheet for Warren Roofing


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 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
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...


Transcribed Image Text:

WARREN ROOFING Worksheet For the Month Ended March 31, 2017 Trial Balance Account Titles Dr 4,500 3,200 2,000 11,000 Cr. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Owner's Capital Owners Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense 1,250 2,500 550 12,900 1,100 6,300 1,300 400 23,500 23,500