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T. Blossom made an additional investment in the business of $10,167 in March. Prepare an owners equity statement for the month of March. (List items
T. Blossom made an additional investment in the business of $10,167 in March. Prepare an owners equity statement for the month of March. (List items that increase owner's equity first.)
The trial balance columns of the worksheet for Blossom Roofing at March 31, 2020, are as follows. Blossom Roofing Worksheet For the Month Ended March 31, 2020 Trial Balance Account Titles Dr. Cr. Cash 4,200 Accounts Receivable 3.300 Supplies 2,350 Equipment 11,132 Accumulated Depreciation-Equipment 1,265 Accounts Payable 2,310 Unearned Service Revenue 430 Owner's Capital 13,067 Owner's Drawings 1,050 Service Revenue 6,700 Salaries and Wages Expense 1,440 Miscellaneous Expense 300 23,772 23,772 Other data: 1. AWN A physical count reveals only $600 of roofing supplies on hand. Depreciation for March is $253, Unearned revenue amounted to $210 at March 31. Accrued salaries are $800. Account Titles Trial Balance Dr. Cr. Adjustments Dr. Cr. Cash 4,200 Accounts Receivable 3,300 Supplies 2,350 1.750 Equipment 11,132 Accumulated Depreciation-Equipment 1,265 253 Accounts Payable 2,310 430 220 13,067 1,050 6,700 220 Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals Supplies Expense Depreciation Expense Salaries and Wages Payable 1,440 800 300 23.772 23,772 1,750 253 800 Totals 3,023 3,023 Net Income Totals BLOSSOM ROOFING Worksheet For the Month Ended March 31, 2020 Adjusted Trial Balance Dr. Income Statement Cr. Dr. Cr. 4,200 3,300 600 11.132 1,518 2,310 210 13.067 1.050 6.920 6.920 2.240 2.240 300 300 1.750 1,750 253 253 800 24,825 24,825 4,543 6.920 2,377 6,920 6920 Balance Sheet Dr. Cr. 4,200 3,300 600 11.132 1,518 2310 210 13,067 1,050 IL 800 20,282 17,905 2,377 20.282 20.282 Prepare an income statement for the month of March. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) BLOSSOM ROOFING Income Statement For the Month Ended March 31, 2020 Revenues Service Revenue $ 6,920 Expenses Salaries and Wages Expense $ 2,240 i Miscellaneous Expense 300 i Supplies Expense 1.750 i Depreciation Expense 253 i Total Expenses 4,543 i Net Income /(Loss) 2,377 T. Blossom made an additional investment in the business of $10,167 in March. Prepare an owner's equity statement for the month of March (List items that increase owner's equity first.) BLOSSOM ROOFING Owner's Equity Statement For the Month Ended March 31, 2020 Owner's Capital, March 1 $ Add V: Investments 10,167 Net Income /(Loss) 2.377 12,544 Less V Drawings 1,050 i Owner's Capital, March 31 Step by Step Solution
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