The trial balance columns of the worksheet for Cullumber Roofing at March 31, 2020, are as follows (amounts in thousands). Cullumber Roofing Worksheet For the Month Ended March 31, 2020 Trial Balance Account Titles Debit Credit Cash 3,780 Accounts Receivable 2,688 Supplies 1,680 Equipment 9,240 Accumulated Depreciation Equipment 1,050 Accounts Payable 2,100 Unearned Service Revenue Share Capital-Ordinary 10,836 Dividends 924 Service Revenue 5,292 Salaries and Wages Expense 1,092 Miscellaneous Expense 336 19,740 19,740 462 Other data: 1. A physical count reveals only 404 of roofing supplies on hand. 2. Depreciation for March is W210. 3. Unearned revenue amounted to 218 at March 31. 4. Accrued salaries are 588. Prepare an income statement for the month of March. (Enter negative amounts using either a negative sign preceding the number e.g. -45 CULLUMBER ROOFING Income Statement For the Month Ended March 31, 2020 A Revenues Service Revenue 5536 Expenses o Salaries and Wages Expense 1680 i Miscellaneous Expense 336 i Supplies Expense 1276 i Depreciation Expense 210 i Total Expenses 3502 i Net Income /(Loss) 2034 (52) Your answer is correct. Prepare an retained earnings statement for the month of March. (List items that increase retained earnings first.) CULLUMBER ROOFING Retained Earnings Statement (For the Month Ended March 31, 2020 4 Retained Earnings, March 1 4 Add : Net Income /(Loss) 2034 2034 Less 9 : Dividends 924 i Retained Earnings, March 31, 1110 Prepare a classified statement of financial position at March 31. (List Current Assets in the reverse order of liquidity.) CULLUMBER ROOFING Statement of Financial Position March 31, 2020 Assets Property, Plant and Equipment 9240 Equipment (Less 4) : Accumulated Depreciation Equipment 1260 i 7980 Current Assets | Cash 3780 Accounts Receivable 2688 Supplies 404 Total Current Assets 6872 Total Assets 14852 Equity and Liabilities Equity Share Capital-Ordinary 10836 Retained Earnings 1110 Total Equity 11 Current Liabilities Accounts Payable 2100 Unearned Service Revenue 218 588 Salaries and Wages Payable Total Current Liabilities Total Equity and Liabilities 2906 14852 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Mar. 31 Supplies Expense 1276 1276 | Supplies (To record supplies on hand) Mar. 31 Depreciation Expense 210 210 Accumulated Depreciation-Equipment (To record depreciation) Mar. 31 Unearned Service Revenue 244 244 Service Revenue (To record unearned revenue) Mar. 31 Salaries and Wages Expense 588 588 Salaries and Wages Payable (To record salaries accrued) 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 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 dividends)