Reference no: EM132379759
The trial balance columns of the worksheet for Lampert Roofing at March 31, 2020, are as follows.
Lampert Roofing
Worksheet
For the Month Ended March 31, 2020
|
Account Titles
|
Dr.
|
Cr.
|
|
Cash
Accounts Receivable Supplies
Equipment
|
4,500 3,200 2,000 11,000
|
|
|
Accumulated Depreciation-Equipment
|
|
1,250
|
|
Accounts Payable
|
|
2,500
|
|
Unearned Service Revenue
|
|
550
|
|
Common Stock
|
|
10,000
|
|
Retained Earnings
|
|
2,900
|
|
Dividends
|
1,100
|
|
|
Service Revenue
|
|
6,300
|
|
Salaries and Wages Expense
|
1,300
|
|
|
Miscellaneous Expense
|
400
|
|
|
|
23,500
|
23,500
|
Other data:
1. A physical count reveals only $550 of roofing supplies on hand.
2. Depreciation for March is $250.
3. Unearned service revenue amounted to $210 at March 31.
4. Accrued salaries are $700.
Instructions
a. Adjusted trial balance $24,450
b. Net income $2,540 Total assets $17,750
Questions :
a. Enter the trial balance on a worksheet and complete the worksheet.
b. Prepare an income statement and a retained earnings statement for the month of March and a classified balance sheet at March 31.
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.