Prepare worksheet, financial

statements, and adjusting and

closing entries

$(501,2,3,6)$

P$4-1$A Omer Asik began operations as a private investigator on January $1,2012.$ The trial bal$-$

ance columns of the worksheet for Omer Asik, P$.$I. at March $31$ are as follows.

OMER ASIK, P$.$I.

Worksheet

For the Quarter Ended March $31,2012$

Other data:

Supplies on hand total $$480.$

Depreciation is $$800$ per quarter.

Interest accrued on $6-$month note payable, issued January $1,$$$300.$

Insurance expires at the rate of $$200$ per month.

Services provided but unbilled at March $31$ total $$1,030.$

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 quarter and a classified

balance sheet at March $31.$ O$.$ Asik did not make any additional investments in the business

during the quarter ended March $31,2012.$

$($a$)$ Adjusted trial balance

$$58,100$

$($b$)$ Net income $$7,480$

Total assets $$49,530$

$($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.