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    Trial Balance: Preparing the Worksheet.

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    The trial balance columns of the work sheet for Undercover Roofing Inc. at March 31, 2006, are as follows.
    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.

    (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

    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.