Homework Answers
Trial balance Adjustments Adjusted trial Income Balance sheet balance Statement
| Account titles | Dr | Cr | Dr | Cr | Dr | Cr | Dr | Cr | Dr | Cr |
| Cash | 4500 | 4500 | 4500 | |||||||
| Accounts receivable | 3200 | 3200 | 3200 | |||||||
| Supplies | 2000 | (a) 480 | 1520 | 1520 | ||||||
| Equipment | 11,000 | 11,000 | 11,000 | |||||||
| Accumulated depreciation - Equipment | 1,250 | (b) 250 | 1,500 | 1,500 | ||||||
| Accounts Payable | 2,500 | 2,500 | 2,500 | |||||||
| Unearned service revenue | 550 | (c) 260 | 290 | 290 | ||||||
| Owners capital | 12,900 | 12,900 | 12,900 | |||||||
| owners drawings | 1,100 | 1,100 | 1,100 | |||||||
| Service revenue | 6,300 | (c) 260 | 6,560 | 6,560 | ||||||
| Salaries and wages exp | 1,300 | (d)700 | 2,000 | 2,000 | ||||||
| Miscellaneous Expense | 400 | 400 | 400 | |||||||
| Totals | 23,500 | 23,500 | ||||||||
| Supplies expense | (a)480 | 480 | 480 | |||||||
| Depreciation exp | (b)250 | 250 | 250 | |||||||
| Salaries and wages payable | (d)700 | 700 | 700 | |||||||
| Totals | 1,690 | 1,690 | 24,450 | 24,450 | 3,130 | 6,560 | 21,320 | 17,890 | ||
| Net Income | 3,430 | 3,430 | ||||||||
| Totals | 6,640 | 6,640 | 21,320 | 21,320 |
(b) WARREN ROOFING
Income Statement For the Month Ended March 31, 2014
Revenues
Service revenue ................................................. $6,560
Expenses
Salaries and wages expense............................. $2,000
Supplies expense .............................................. 480
Miscellaneous expense..................................... 400
Depreciation expense........................................ 250
Total expenses .......................................... . 3,130
Net income............................................................ $3,430
WARREN ROOFING
Owner’s Equity Statement For the Month Ended March 31, 2014
Owner’s Capital, March 1........................................................... $ 2,900
Investments ................................................................................$10,000
Add: Net income....................................................................... ...$3,430
$ 16,330
Less: Drawings.......................................................................... 1,100
Owner’s Capital, March 31.........................................................$15,230
WARREN ROOFING
Baance sheet March 31,2014
Assets
Current assets
Cash.................................................................... $4,500
Accounts receivable.......................................... 3,200
Supplies.............................................................. 1520
Total current assets ........................................... .........................$9,220
Property, plant, and equipment
Equipment.......................................................... 11,000
Less: Accum. depreciation—equipment......... 1,500 ....................$9500
Total assets ...................................................................................$18,720
Liabilities and Owner’s Equity
Current liabilities Accounts payable .................. $2,500
Salaries and wages payable ............................... 700
Unearned service revenue .................................. 290
Total current liabilities........................................................$3490
Owner’s capital .................................................................$15,230
Total liabilities and owner’s equity ............. .......................$18,720
(C) Adjstment entries
| Date | Account titles | Dr | Cr |
| Mar 31 | Supplies expense | 480 | |
| Supplies | 480 | ||
| Mar 31 | Depreciation exp | 250 | |
| Accumulated dep- Equipment | 250 | ||
| Mar 31 | Unearned service revenue | 260 | |
| Service revenue | 260 | ||
| Mar 31 | Salaries and wages exp | 700 | |
| Salaries and wages payable | 700 |
(d) Closing entries
| Mar 31 | Service revenue | 6,560 | |
| Income summary | 6,560 | ||
| Mar 31 | Income summary | 3,130 | |
| Salaries and wages expense | 2000 | ||
| Supplies exp | 480 | ||
| Depreciation expense | 250 | ||
| Miscillaneous exp | 400 | ||
| Mar 31 | Income summary | 3,430 | |
| Owners capital | 3,430 | ||
| Mar 31 | Owners capital | 1,100 | |
| Owners drawing | 1,100 |
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The trial balance columns of the worksheet for Cullumber Roofing at March 31, 2020, are as follows (amounts in thousands). Cullumber Roofing Worksheet For the Month Ended March 31, 2020 Trial Balance Account Titles Debit Credit Cash 3,780 Accounts Receivable 2,688 Supplies 1,680 Equipment 9,240 Accumulated Depreciation Equipment 1,050 Accounts Payable 2,100 Unearned Service Revenue 462 Share Capital-Ordinary 10,836 Dividends 924 Service Revenue 5,292 Salaries and Wages Expense 1,092 Miscellaneous Expense 19,740 19,740 1,092*** 336 Other data: 1. A physical...
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