The trial balance columns of the worksheet for Everlast Roofing at March 31, 2008, are as follows.

Other data: 

1. A physical count reveals only \($240\) of roofing supplies on hand. 

2. Depreciation for March is \($200.\) 

3. Unearned revenue amounted to \($130\) after adjustment on March 31. 

4. Accrued salaries are \($350.\) 

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 balance sheet at March 31. J. Watt did not make any additional investments in the business 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.

Transcribed Image Text:

EVERLAST ROOFING Worksheet For the Month Ended March 31, 2008 Trial Balance Account Titles Dr. Cr. Cash 2,500 Accounts Receivable 1,800 Roofing Supplies 1,100 Equipment 6,000 Accumulated Depreciation-Equipment 700 Accounts Payable 1,400 Unearned Revenue 300 J. Watt, Capital 7,000 J. Watt, Drawing Service Revenue 600 3,500 Salaries Expense 700 Miscellaneous Expense 200 12,900 12,900