Question

The trial balance columns of the worksheet for Monty at March 31, 2019, are as follows. Cr. Monty Worksheet For the Month Ended March 31, 2019 Trial Balance Account Titles Dr. Cash 4,800 Accounts Receivable 3,000 Supplies 2,500 Equipment 11,440 Accumulated Depreciation, 1,300 Equipment Accounts Payable 2,400 Unearned Service Revenue 700 Common Stock 11,020 Retained Earnings 3,100 Dividends 1,100 Service Revenue 6,000 Salaries and Wages Expense 1,300 Miscellaneous Expense 380 24,520 24,520 Other data: 1. A physical count reveals only $700 of roofing supplies on hand. 2. Depreciation for March is $260. 3. Unearned service revenue amounted to $180 at March 31. 4. Accrued salaries are $600.

Answer 1

Monty Worksheet Adjustments Debit Credit Adjusted Trial Balance Debit Credit 4,800 3,000 INCOME STATEMENT Debit Credit 1,800 700 11,440 Trial Balance Debit Credit 4,800 3,000 2,500 11,440 1,300 2,400 700 11,020 3,100 1.100 BALANCE SHEET Debit Credit 4,800 3,000 700 11,440 (1,560) 2,400 180 11,020 3,100 (1.100) 260 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals Supplies Expense Depreciation Expense Salaries and Wages Payable Totals Net Income 520 1,560 2,400 180 11,020 3,100 1,100 6,000 520 6,520 6,520 600 1,300 380 24,520 1,900 380 1,900 380 24,520 1,800 260 1,800 260 1,800 260 600 600 3,180 600 25,380 3,180 25,380 2,180 6,520 2,180 18,380 6,520 18,380 Debit Date Mar 31 Account Titles and Explanation Supplies Expense Supplies Credit 1800 1800 Mar 31 260 Depreciation Expense Accumulated Depreciation 260 Mar 31 520 Unearned Service Revenue Service Revenue 520 Mar 31 600 Salaries and Wages Expense Salaries and Wages Payable 600 6,520 Monty Income Statement For the Month Ended March 31, 2019 Revenue Service Revenue Expenses Salaries and Wages Expense 1,900 Miscellaneous Expense 380 Supplies Expense 1,800 Depreciation Expense 260 Total Expenses Net Income (loss) 4,340 2,180 Monty Retained Earnings Statement For the Month Ended March 31, 2019 Retained Earnings. Beginning Add: Net Income (loss) for the year $3,100 $2,180 $5.280 $1,100 $4,180 Less: Dividend Retained Earnings, Ending Monty Balance Sheet March 31, 2019 Assets Current Assests Cash Accounts Receivable Supplies Total current assets Property, plant, and equipment Equipment Less: Accumulated Depreciation Total Assets 4,800 3,000 700 8,500 11,440 1,560 9,880 18,380 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 2,400 Unearned Service Revenue 180 Salaries and Wages Payable 600 Total Current Liabilities Stockholders' Equity Common Stock 11,020 Retained Earnings 4,180 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 3,180 15,200 18,380