Thomas Magnum began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows. THOMAS MAGNUM, P.I Worksheet For the Quarter Ended March 31, 2012 Trial Balance Account Titles Dr. Cr. Cash 11,400 Accounts Receivable 5,620 Supplies 1,050 Prepaid Insurance 2,400 Equipment 30,000 Notes Payable 10,000 Accounts Payable 12,350 T. Magnum, Capital 20,000 T. Magnum, Drawings 600 Service Revenue 13,620 Salaries Expense 2,200 Travel Expense 1,300 Rent Expense 1,200 Miscellaneous Expense 200 _________________ 55,970 55,970 Other data: Supplies on hand total $380. Depreciation is $1,000 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 $530. Complete the worksheet. (If answer is zero, please enter 0. Do not leave any fields blank.) THOMAS MAGNUM, P.I. Worksheet for the Quarter Ended March 31, 2012 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 11,400 _________________________________________________________________________________________ Accounts Receivable 5,620 _________________________________________________________________________________________ Supplies 1,050 _________________________________________________________________________________________ Prepaid Insurance 2,400 _________________________________________________________________________________________ Equipment 30,000 _________________________________________________________________________________________ Notes Payable 10,000 _________________________________________________________________________________________ Accounts Payable 12,350 _________________________________________________________________________________________ T. Magnum, Capital 20,000 _________________________________________________________________________________________ T. Magnum, Drawings 600 _________________________________________________________________________________________ Service Revenue 13,620 _________________________________________________________________________________________ Salaries Expense 2,200 _________________________________________________________________________________________ Travel Expense 1,300 _________________________________________________________________________________________ Rent Expense 1,200 _________________________________________________________________________________________ Miscellaneous Expense 200 _____________ Totals 55,970 55,970 Supplies Expense _________________________________________________________________________________________ Depreciation Expense _________________________________________________________________________________________ Accumulated Depreciation _________________________________________________________________________________________ Interest Expense _________________________________________________________________________________________ Interest Payable _________________________________________________________________________________________ Insurance Expense _________________________________________________________________________________________ Totals _________________________________________________________________________________________ Net Income Totals Prepare an owner's equity statement for the quarter and a classified balance sheet at March 31.T. Magnum did not make any additional investments in the business during the quarter ended March 31, 2012. (List amounts from largest to smallest e.g. 10, 5, 3, 2. If answer is zero, please enter 0. Do not leave any fields blank. List assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2, with notes payable first.) THOMAS MAGNUM, P.I. Owner's Equity Statement ______ $_____ Add: _____ $ _____ $ Less: _____ $ _______ $ THOMAS MAGNUM, P.I. Balance Sheet I only need this section of the balance sheet. Total current assets Property, plant and equipment EQUIPMENT (?) $_____ Less: ACC. DEPRECIATION (?) $_____ I am not sure how to get the acc. dep. Total current liabilities Owner's Equity T. MAGNUM, CAPITAL (?) $ _______ (don't know how to find capital) Charts: Journalize the adjusting entries from the adjustments columns of the worksheet. Date Account/Description - Debit / Credit Mar. 31 ___________ _____ ____________ _____ (To adjust supplies.) Mar. 31 ___________ _____ ____________ _____ (To adjust depreciation.) Mar. 31 ___________ _____ ____________ _____ (To adjust interest.) Mar. 31 ___________ _____ ____________ _____ (To adjust insurance.) Mar. 31 ___________ _____ ____________ _____ (To adjust services.) Journalize the closing entries from the financial statement columns of the worksheet. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.) Date Account/Description - Debit / Credit Mar. 31 ___________ _____ ____________ _____ (To close revenue account.) Mar. 31 ___________ _____ ____________ _____ ____________ _____ ____________ _____ ____________ _____ ____________ _____ ____________ _____ ____________ _____ ____________ _____ (To close expense accounts.) Mar. 31 ___________ _____ ____________ _____ (To close net income.) Mar. 31 ___________ _____ ____________ _____ (To close drawings.)