The trial balance columns of the work sheet for Undercover Roofing Inc. at March 31, 2006, are as follows.
UNDERCOVER ROOFING INC.
For the Month Ended March 31, 2006
Account Titles Dr. Cr.
Accounts Receivable 1,800
Roofing Supplies 1,100
Accumulated Depreciation?Equipment 1,200
Accounts Payable 1,400
Unearned Revenue 300
Common Stock 5,000
Retained Earnings 2,000
Service Revenue 3,000
Salaries Expense 700
Miscellaneous Expense 200
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.
(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.
The Attached Word document provides detailed presentations of a trial balance, statement of retained earnings, and income statement.
The presentations are derived from the attached problem set.