Assignment:
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
Accounts Receivable Roofing Supplies
Equipment
|
2,500 1,800 1,100 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. Depredation 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.