Acc362 Financial Accounting: P4-1A The trial balance columns of the work sheet for Undercover
Acc362 Financial Accounting P4-1A The trial balance columns of the work sheet for Undercover Roofing Inc. at March 31, 2006, are as follows. UNDERCOVER ROOFING INC. Work Sheet For the Month Ended March 31, 2006 Trial Balance Account Titles Dr. Cr. Cash 2,500 Accounts Receivable 1,800 Roofing Supplies 1,100 Equipment 6,000 Accumulated Depreciation—Equipment 1,200 Accounts Payable 1,400 Unearned Revenue 300 Common Stock 5,000 Retained Earnings 2,000 Dividends 600 Service Revenue 3,000 Salaries Expense 700 Miscellaneous Expense 200 12,900 12,900 Other data: 1. A physical count reveals only $140 of roofing supplies on hand. 2. Depreciation for March is $200. 3. Unearned revenue amounted to $130 after adjustment on March 31. 4. Accrued salaries are $350. Instructions (a) Enter the trial balance on a work sheet and complete the work sheet. (b) Prepare an income statement and a retained earnings statement for the month of March and a classified balance sheet at March 31. No additional issuances of stock occured in March. (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.
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