Question

Problems: Set A P4.1A (LO 1, 2, 4 Financial Statement the trial balance columns of the worksheet for Warren Roofing at March 31, 2020, are as follows. Prer

Answer 1

WorkSheet:
Acc Titles	Trial Balance	Adjustments	Adjusted Trial Bal.	Income Statement	Balance Sheet
	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	4500				4500				4500
AR	3200				3200				3200
Supplies	2000			1520	480				480
Equipment	11000				11000				11000
Acc Dep-eq.		1250		250		1500				1500
AP		2500				2500				2500
Sala & Wages payable				700		700				700
Unea. Ser. Rev.		550	290			260				260
Owner's Capital		12900	1100			11800				11800
Owner's Drawings	1100			1100	0				0
Service Rev.		6300		290		6590		6590
Salaries & wages ex.	1300		700		2000		2000
Miscel. Exp.	400				400		400
Suppl. Exp.			1520		1520		1520
Dep. Exp.			250		250		250
Total	23500	23500	3860	3860	23350	23350	4170	6590
Net Income								2420		2420
Grand Total									19180	19180

Income Statement
	Amount $
Service Rev.	6590
Less:Expenses:
Salaries & wages ex.	2000
Miscel. Exp.	400
Suppl. Exp.	1520
Dep. Exp.	250
total expenses	4170
Net Income	2420
Owner's Equity Statement:
Opening Balance	2900
Add: Capital	10000
Add:Net Income	2420
Less: Drawings	-1100
Closing Balance	14220
Balance Sheet
Assets:
Cash	4500
AR	3200
Supplies	480
Current Assets:	8180
Fixed Assets:
Equipment	11000
Acc Dep-eq.	-1500
Total Assets	17680
Liabilities & Equity:
AP	2500
Sala & Wages payable	700
Unea. Ser. Rev.	260
Current Liabilities	3460
Owner's Capital	14220
Total Liab. & Equity:	17680
c)Journal Entres:
Date	Acc titles	DR. $	CR. $
1	Supplies exp.	1520
	Supplies		1520
	(supplies exp. Booked)
2	Dep. Exp.	250
	Acc Dep. - Eq.		250
	(depreciation on equp. Booked)
3	Unearn Rev	290
	Service Rev.		290
	(earned rev. booked of Unearned)
4	Sal & Wages exp.	700
	Sal & Wages payable		700
	(accrued sal & wages booked)
d)	Service Revenue	6590
	Income Summary		6590
	(service rev. transferred to Inc. Summary)
	Income Summary	4170
	Salaries & wages ex.		2000
	Miscel. Exp.		400
	Suppl. Exp.		1520
	Dep. Exp.		250
	(expenses transferred to Inc. Summary)