UNDERCOVER ROOFING INC.
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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 occurred 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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Solution Summary
This solution is comprised of a detailed explanation to answer the request of the assignment in excel file.
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UNDERCOVER ROOFING INC.
Work Sheet
For the Month Ended March 31, 2006
Adjusted Trial Income
Trial Balance Adjustments Balance Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Account Titles
Cash 2,500 2,500 2,500
Accounts Receivable 1,800 1,800 1,800
Roofing Supplies 1,100 960 140 140
Equipment 6,000 6,000 6,000
Accu. Depr.- Equipment 1,200 200 1,400 1,400
Accounts Payable 1,400 1,400 1,400
Salaries Payable 350 350 350
Unearned Revenue 300 170 130 130
Common Stock 5,000 5,000 5,000
Retained Earnings 2,000 2,000 2,160
Dividends 600 600
Service Revenue 3,000 170 3,170 3,170
Salaries Expense 700 350 1,050 1,050 ...
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