Practice Exercise 1 The trial balance columns of the worksheet for Wildhorse Roofing at March 31, 2020, are as follows. Wildhorse Roofing Worksheet For the Month Ended March 31, 2020 Trial Balance Account Titles Dr. Cr. Cash 4,700 3,500 Accounts Receivable Supplies 1,780 Equipment 11,000 Accumulated Depreciation-Equipment 1,250 Accounts Payable 2,550 Unearned Service Revenue 570 Owner's Capital 12,600 Owner's Drawings 1,130 Service Revenue 6,800 Salaries and Wages Expense 1,320 340 Miscellaneous Expense 23,770 23,770 Other data: 1. A physical count reveals only $600 of roofing supplies on hand. 2. Depreciation for March is $250. 3. Unearned revenue amounted to $180 at March 31. 4. Accrued salaries are $700. Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr Cr Cr Dr Cash 4,700 3,500 Accounts Receivable Supplies 1,780 Equipment 11,000 Accumulated Depreciation-Equipment 1,250 Accounts Payable 2,550 570 Unearned Service Revenue Owner's Capital 12,600 Owner's Drawings 1,130 Service Revenue 6,800 Salaries and Wages Expense 1,320 340 Miscellaneous Expense Totals 23,770 23,70 Supplies Expense Depreciation Expense Salaries and Wages Payable Totals Net Income Prepare an income statement for the month of March. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) WILDHORSE ROOG FIN Income Statement T, Wildhorse made an additional investment in the business of9,700 in March. Prepare an owner's equity statement for the month of March. (List items that increase owner's equity first.) WILDHORSE ROOFING Owner's Equity Statement WILDHORSE ROOFING Balance Sheet Assets Liabilities and Owner's Equity Journalize the adjusting entries from the adjustments columns of the worksheet. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Mar. 31 (Adjusting entry for supplies) Mar. 31 (Adjusting entry for depreciation) Mar. 31 (Adjusting entry for unearned service revenue) Mar. 31 (Adjusting entry for salaries and wages expenses) Journalize the closing entries from the financial statement columns of the worksheet. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 To close revenue account) Mar. 31 To close expense accounts) Mar. 31 To close net income/ (loss)) Mar. 31 To close drawings) Click if you would like to Show Work for this question: Open Show Work