Prepare a worksheet financial P41A The trial balance columns

Prepare a worksheet, financial P4-1A The trial balance columns of the worksheet for Lampert Roofing at March 31, statements, and adjusting2019, are as follows. and closing entries (LO 1, 2, 4) LAMPERT ROOFING Worksheet For the Month Ended March 31, 2019 XLS Account Titles Trial Balance Cash Accounts Receivable Supplics Equipment Accumulated Depreciation-Equipment Accounts Pavable Uncarned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Miscellaneous Expense 4,500 3,200 2,000 11 ,000 1,250 2,500 550 10,000 2,900 1,100 6,300 1,300 400 23,500 23,500 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. Other data (a) Adjusted trial balance 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 $24,450 Net income $2,540 (d) Journalize the closing entries from the financial statement columns of the worksheet. fthe worksheet for Alshwer Company are as March and a classified balance sheet at March 31 (c) Journalize the adjusting entries from the adjustments columns of the worksheet. financial statements, closing entries, and post-closing trial

Solution

Trial balance Adjusting entry Adjusted trail balance Income statement Balance sheet Cash 4500 4500 4500 Accounts receivable 3200 3200 3200 Supplies 2000 1450 550 550 Equipment 11000 11000 11000 Accumulated depreciation equipment 1250 250 1500 1500 Accounts payable 2500 2500 2500 Salaries and wages payable 700 700 700 Unearned service revenue 550 340 210 210 Common stock 10000 10000 10000 Retained earnings 2900 2900 2900 Dividends 1100 1100 1100 Service revenue 6300 340 6640 6640 Salaries and wages expense 1300 700 2000 2000 Miscellaneous expense 400 400 400 Supplies expense 1450 1450 1450 Depreciation expense 250 250 250 Total 23500 23500 2740 2740 24450 24450 4100 6640 20350 17810 Net income 2540 2540 Total 6640 6640 20350 20350 Adjusting entries 1 Supplies expense 1450               Supplies 1450 2 Depreciation expense 250            Accumulated depreciation equipment 250 3 Unearned service revenue 340            Service revenue 340 4 Salaries and wages expense 700            Salaries and wages payable 700 Closing entries 1 Service revenue 6640             Income summary 6640 2 Income summary 4100             Salaries and wages expense 2000             Miscellaneous expense 400             Supplies expense 1450             Depreciation expense 250 3 Income summary 2540             Retained earnings 2540 4 Retained earnings 1100             Dividends 1100