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Problem 4.-2: The trial balance columns of the worksheet for Firmament Roofing at March 31, 2014,...

Problem 4.-2: The trial balance columns of the worksheet for Firmament Roofing at March 31, 2014, are as follows.

Firmament Roffing

Trial Balance

For the Month Ended March 31, 2014

Trial Balance_____

Account Titles Dr. Cr.__

Cash 2,720

Accounts Receivable 2,700

Supplies 1,500

Equipment 11,000

Accumulated Depreciation – Equipment 1,250

Accounts Payable 2,500

Unearned Service Revenue 550

Share Capital – Ordinary 10,000

Dividends 1,100

Service Revenue 6,300

Salaries and Wages Expense 1,300

Miscellaneous Expense 280 ______

20,600 20,600

Other data:

1. A physical count reveals only $550 of roofing supplies on hand.

2. Depreciation for March is $250.

3. Unearned revenue amounted to $290 at March 31.

4. Accrued salaries are $480.

Instructions:

(a) Journalize the adjusting entries.

(b) Journalize the closing entries.

(c) Prepare an income statement and a retained earnings statement for the month of March and a classified statement of Financial Position at March 31.

Expert Solution

Answer with explanation:

a. and b.

c.

Supplies expense = Supplies, March 1 - Supplies March 31 = $1,500 - $55) = $950

Unearned service revenue adjusted during March = Unearned service revenue, March 1 - Unearned service revenue, March 31 = $550 - $290 = $260

Salaries and wages expense in income statement including accrued salaries.

Service revenue include, Service revenue + Unearned service revenue, March 1 - Unearned service revenue, March 31 = $6,300 + $550 - $290 = $6,560

ekkarill92 answered 1 year ago

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