Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial balance columns of the worksheet for Pevnick Inc. at March 31 are as follows.

Other data:
1. Supplies on hand total $280.
2. Depreciation is $800 per quarter.
3. Interest accrued on 6-month note payable, issued January 1, $300.
4. Insurance expires at the rate of $200 per month.
5. Services performed but unbilled at March 31 total $2,030.

Instructions
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of theworksheet.

Transcribed Image Text:

PEVNICK INC. Worksheet For the Quarter Ended March 31, 2015 Trial Balance Account Titles r. 11,400 5,620 1,050 2,400 30,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Common Stock Dividends Service Revenue Salaries and Wages Expense Travel Expense Rent Expense Miscellaneous Expense 10,000 12,350 20,000 600 13,620 2,200 1,300 1,200 200 55,970 55,970