Question

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. Prepare a worksheet, financial state- and using and closing entries Excel Warren Roofing Worksheet For the Month Ended March 31, 2020 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 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 bal- ance 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.

Answer 1

1,520 1,520 250 Adjusting entries Supplies expense (2,000-480) Supplies Depreciation expense Accumulated depreciation Equipment Unearned revenue (550-260) Service revenue Salaries and wages expense Salaries and wages payable 250 290 290 700 700 4,170 2,000 1,520 250 400 Closing entries Income summary Salaries and wages expense Supplies expense Depreciation expense Miscellaneous expense Service revenue Income summary Income summary Owner's capital Owner's capital Owner's drawings 6,590 6,590 2,420 2,420 1,100 1,100 CS Scanned with CamScanner