P4-1A Prepare a worksheet, financial statements, and adjusting and closing entries

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

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

Other data:
1. A physical count reveals only $480 of roofing supplies on hand.
2. Depreciation for March is $250.
3. Unearned service 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.
a
WARREN ROO
Worksheet
For the Month Ended Ma
Trial Balance Adjustment
Account Titles Dr. Cr. Dr.
Cash 4,500
Accounts Receivable 3,200
Supplies 2,000
Equipment 11,000
Accumulated Depreciation-Equipment 1,250
Accounts Payable 2,500
Unearned Service Revenue 550 (3)290
Owner's Capital 12,900
Owner's Drawings 1,100
Service Revenue 6,300
Salaries and Wages Expense 1,300 (4)700
Miscellaneous Expense 400
23,500 23,500
Supplies Expense (1)1,520
Depreciation Expense (2)250
Salaries and Wages Payable
2,760
Net Income

b
WARREN ROOFING
Income Statement
For the Month Ended March 31, 2017

Revenues Amount Amount

Service Revenue 6,590
Total Revenues 6,590

Expense
Depreciation Expense 250
Supplies Expense 1,520
Salaries and Wages Expense 2,000
Misscellaneous Expense 400
Total Expense (4,170)
Net Income 2,420
1, 2017 are as follows.

nth of March
onal investment

he worksheet.

WARREN ROOFING
Worksheet
For the Month Ended March 31, 2017
Adjustment Adjustment Trial Balance Income statement
Cr. Dr. Cr. Dr. Cr.
4,500
3,200
 (1)1,520 480
11,000
(2)250 1,500
2,600
260
12,900
1,100
(3)290 6,590 6,590
2,000 2,000
400 400

(1)1,520 (1)1,520
(2)250 (2)250
(4)700 (4)700
2,760 24,450 24,450 4,170
2,420
6,590 6,590

WARREN ROOFING
Owner's Equity Statement
For the Month Ended March 31, 2017
amount amount
Owner's Capital, March 01 (12900-10000) 2,900
Add : Investment 10,000
Net Income 2,420
12,420
15,320
Less: Owner's Drawing 1,100
Owner's Capital, March 31 14,220

WARREN ROOFING
Balance Sheet
For the Month Ended March 31, 2017
Particulars amount amount
Assets
Current Assets
Cash 4,500
Account Receiveable 3,200
Supplies 480
Total Current Assets 8,180
Property, plant and Equipment
Equipment 11,000
Less: Accumulated Depreciation-Equipment (1,500)
Total Long term Assets 9,500
Total Assets 17,680
Liabilities and Owner's Equity
Liabilities
Account Payable 2,500
Unearned Service Revenue 260
Salaries and Wages Payable 700
Total Liabilities 3,460
Owner's Equity
Owner's Capital (31 March) 14,220
Total Liabilities and Equity 17,680
Balance Sheet
Dr. Cr.
4,500
3,200
 480
11,000
1,500
2,600
260
12,900
1,100

(4)700

2420
20,820 20,820
c
Wareen Roofing
Adjusting Jurnal Entries
Date Account and Titles Explanations Ref. Debit Credit
Mar-31 Supplies Expense dr. 1,520
Supplies cr. 1,520

Mar-31 Depreciation Expense dr. 250

Accumulated Depreciation Equipment cr. 250

Mar-31 Unearner Service Revenue dr. 290

Service Revenue cr. 290

Mar-31 Salaries and Wages Expense dr. 700

Salaries and Wages Payable cr. 700

d
Wareen Roofing
Closing Jurnal Entries
Date Account and Titles Explanations Ref. Debit Credit
Mar-31 Service Revenue dr. 6,590
Income Summary cr. 6,590

Mar-31 Income Summary dr. 4,170

Salaries and Wages Expense cr. 2,000
Misscellaneous Expense cr. 400
Supplies Expense cr. 1,520
Depreciation Expense cr. 250

Mar-31 Income Summary dr. 2,420

Owner's Capital cr. 2,420

Mar-31 Owner's Capital dr. 1,100

Owner's Drawing cr. 1,100