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.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells wi

A WARREN ROOFING
Worksheet
For the Month Ended March 31,2017

Trial Balance Adjustment

Account Titles Dr. Cr. Dr.
Cash 4,500
Account Receivable 3,200
 Supplies 2,000
Equipment 11,000
Accumulated Depreciation - Equipment 1,250
Accounts Payable 2,500
Unearned Service Revenue 550 260
Owner's Capital 12,900
Owner's Drawing 1,100
Service Revenue 6,300
Salaries and Wages Expense 1,300 700
Miscellaneous Expense 400
23,500 23,500
Supplies Expense 1,520
Depreciaton Expense 250
Salaries and wages payable
Totals 2,730
Net Income
Totals

B WARREN ROOFING
Classified Balance Sheet
For the Month Ended March 31,2017
ASSETS
Cash 4,500
Investment 10,000
Account Receivable 3,200
Supplies 480
Equipment 11,000
Accumulated Depreciation - Equipment (1,500)

Total Assets 27,680

WARREN ROOFING
Income Statement
For the Month Ended March 31,2017
Revenue
Service Revenue 6,560
Expense
Salaries and Wages Expense 2,000
Miscellaneous Expense 400
Supplies Expense 1,520
Depreciaton Expense 250
-Total expense 4,170
Net income 2,390
 C
1, 2017 are as follows. 1 Supplies Expense
Supplies
2 Depreciaton Expense
Accumulated depreciation - equipment
3 Unearned Service Revenue
Service Revenue
4 Salaries and wages expense
Salaries and wages payable

General Journal
D Date Account Title
Closing Entries
Mar-31 Service Revenue
Income Summary

31 Income Summary
Salaries an Wages Expense
Misc. Expense
Supplies Expense
Depreciation Expense

31 Income Summary (6560-4170)

Retained Earnings

31 Reatained Earnings
Owner's Drawings

nth of March
onal investment

he worksheet.
mber or a formula in cells with a "?" .

WARREN ROOFING
Worksheet
he Month Ended March 31,2017

Adjustment Adjusted Trial Balance Income Statement Balance Sheet

Cr. Dr. Cr. Dr. Cr. Dr. Cr.
4,500 4,500
3,200 3,200
 1,520 480 480
11,000 11,000
250 1,500 1,500
2,500 2,500
290 290
12,900 12,900
1,100 1,100
260 6,560 6,560
2,000 2,000
400 400

1,520 1,520
250 250
700 700 700
2,730 24,450 24,450 4,170 6,560 20,280 17,890
2,390 2,390
6,560 6,560 20,280 20,280

ROOFING
alance Sheet
ded March 31,2017
LIABILITIES
Accounts Payable 2,500
Unearned Service Revenue 290
Salaries and wages payable 700
-Total Liabilities 3,490

EQUITY
Owner's Capital, March 31, 2017 24,190
-Total Equity 24,190

Total Liabilities + Total Equity 27,680

WARREN ROOFING
Statement Owner's Equity
For the Month Ended March 31,2017
Owner's Capital 12,900
Investment 10,000
Net Income 2,390
Owner's Drawing (1,100)
Owner's Capital, March 31, 2017 24,190
 Debit Credit
1520
1520
250
250
260
260
700
700

ournal
Dr. Cr.

6,560
6,560

4,170
2,000
400
1,520
250

2,390
2,390

1,100
1,100