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NAME:
ID:
SUBJECT:
Adjusting Entries

WARREN ROOFING
ADJUSTING ENTRIES
AS AT MARCH 31, 2017
Account Debit Credit
March 31 Supplies Consumed     $1,520
  Supplies   $1,520
  (To record consumption of supplies)  

March 31 Depreciation Expense   $250

  Accumulated Depreciation – Eqp $250
  (To record depreciation expense on equipment)  
March 31 Unearned Service Revenue $290
  Service Revenue   $290
  (To record earned revenue on services)  

March 31 Salaries and Wages Expense   $700

  Salaries & Wages Payable $700
  (To record accrual of salaries expense)  

Adjustments

WARREN ROOFING
ADJUSTMENTS
AS AT MARCH 31, 2017
Opening Adjustments Closing
Account
Dr. Cr. Dr. Cr. Dr. Cr.
Supplies Consumed $0 $1,520 $1,520
Supplies $2,000 $1,520 $480
Depreciation Expense $0 $250 $250
Accumulated Depreciation – Eqp $1,250 $250 $1,500
Unearned Service Revenue $550 $290 $260
Service Revenue $6,300 $290 $6,590
Salaries and Wages Expense $1,300 $700 $2,000
Salaries & Wages Payable $0 $700 $700
Total $3,300 $8,100 $2,760 $2,760 $4,250 $9,050
Adjusted Trial Balance

WARREN ROOFING
ADJUSTED TRIAL BALANCE
AS AT MARCH 31, 2017
Account Debit Credit
Cash $4,500
Accounts Receivable $3,200
Supplies $480
Equipment $11,000
Accumulated Depreciation – Equipment $1,500
Accounts Payable $2,500
Salaries & Wages Payable $700
Unearned Service Revenue $260
Owner’s Capital $12,900
Owner’s Drawings $1,100
Service Revenue $6,590
Depreciation Expense $250
Supplies Consumed $1,520
Salaries & Wages Expense $2,000
Miscellaneous Expense $400
Total $24,450 $24,450

Income Statement

WARREN ROOFING
INCOME STATEMENT
FOR THE PERIOD ENDED MARCH 31, 2017
Service Revenue $6,590
Total Revenue $6,590
Supplies Consumed $1,520
Salaries & Wages Expense $2,000
Miscellaneous Expense $400
Depreciation Expense $250
Total Expenses $4,170

Net Profit / (Loss) $2,420

References

My Accounting Course. 2020. Adjusted Trial Balance | Format | Preparation | Example Explanation. [online]
Available at: <https://www.myaccountingcourse.com/accounting-cycle/adjusted-trial-balance> [Accessed 6
December 2020].

Basu, D., 2010. The BALANCE trial. The Lancet, 375(9723), p.1343.

European Journal of Business and Management, 2019. Income Statement vs. Comprehensive Income
Statement.

PHILLIPS, F. and SCHMIDT, R., 2010. Creating Early Success in Financial Accounting: Improving Performance
on Adjusting Journal Entries*. Accounting Perspectives, 9(2), pp.87-96.