The trial balance columns of the work sheet for Everlast Roofing Inc. at March 31, 1996, are as follows:

Other data:
1. A physical count reveals only \(\$ 420\) of roofing supplies on hand.
2. Depreciation for March is \(\$ 200\).
3. Unearned fees amounted to \(\$ 100\) after adjustment on March 31.
4. Accrued salaries are \(\$ 400\).
\section*{Instructions}

(a) Enter the trial balance on a work sheet and complete the work sheet.

(b) Prepare an income statement and retained earnings statement for the month of March and classified balance sheet at March 31.

(c) Journalize the adjusting entries from the adjustments columns of the work sheet.

(d) Journalize the closing entries from the financial statement columns of the work sheet.

Transcribed Image Text:

EVERLAST ROOFING INC. Work Sheet For the Month Ended March 31, 1996 Account Titles Cash Accounts Receivable Roofing Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned Salaries Expense Miscellaneous Expense Trial Balance Dr. Cr. $ 2,700 1,600 1,100 6,000 $ 1,200 1,100 300 5,000 2,000 600 3,000 500 100 $12,600 $12,600