Acc280 Financial Accounting: P4-1B The trial balance columns of the worksheet for Sasse Roofing

Acc280 Financial Accounting

P4-1B
The trial balance columns of the worksheet for Sasse Roofing Inc. at March 31, 2011, are as follows: Sasse Roofing Inc.
Trial Balance
For the Month Ended March 31, 2011
Dr. Cr.
Cash 4,500
Accounts Receivable 3,200
Roofing Supplies 2,000
Equipment 11,000
Accumulated Depreciation 1,250
Accounts Payable 2,500
Unearned Revenue 550
J. Sasse, Capital 12,900
J. Sasse, Drawing 1,100
Service Revenue 6,300
Salaries Expense 1,300
Miscellaneous Expense 400
Totals $23,500 $23,500

Other data:
1. A physical count reveals only $650 of roofing supplies on hand.
2. Depreciation for March is $250.
3. Unearned revenue amounted to $170 at March 31.
4. Accrued salaries are $600.

Instructions:
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 statement of financial position at March 31. Ordinary shares were issued in exchange for $12,900 cash at the beginning of March.
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.
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