Answered step by step
Verified Expert Solution
Question
1 Approved Answer
MULTI-PART Question. Please answer a-d. PROBLEMS: SET A P4-1A The trial balance columns of the worksheet for Warren Roofing at March 31, 2017, are as
MULTI-PART Question. Please answer a-d.
PROBLEMS: SET A P4-1A The trial balance columns of the worksheet for Warren Roofing at March 31, 2017, are as follows. Prepare a worksheet, financial statements, and adjusting and closing entries. (LO 1, 2, 4) WARREN ROOFING Worksheet For the Month Ended March 31, 2017 XLS Trial Balance Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Owners Capital Owners Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense 4,500 3,200 2,000 11,000 1,250 2,500 550 12,900 1,100 6,300 1,300 400 23,500 23,500 194 4 Completing the Accounting Cycle 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 (a) Adjusted trial balance %24,450 and a classified balance sheet at March 31. T. Warren made an additional investment in the business of $10,000 in March. (b) Net income $2,420 Total assets $17,680 (c) Journalize the adjusting entries from the adjustments columns of the worksheet. (d) Journalize the closing entries from the financial statement columns of the worksheetStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started