4-48 CH A PT E R 4 Completing the Accounting Cycle

Warren Roofing
Worksheet
For the Month Ended March 31, 2020
Trial Balance
Account Titles Dr. Cr.
Cash 4,500
Accounts Receivable 3,200
Supplies 2,000
Equipment 11,000
Accumulated Depreciation—Equipment 1,250
Accounts Payable 2,500
Unearned Service Revenue 550
Owner’s Capital 12,900
Owner’s Drawings 1,100
Service Revenue 6,300
Salaries and Wages Expense 1,300
Miscellaneous Expense 400
23,500 23,500

Other data:
1. A physical count reveals only $480 of roofing supplies on hand.
2. Depreciation for March is $250.
3. Unearned revenue amounted to $260 at March 31.
4. Accrued salaries are $700.
Instructions
a. Adjusted trial balance a. Enter the trial balance on a worksheet and complete the worksheet.
$24,450 b. Prepare an income statement and owner’s equity statement for the month of March and a classified bal-
b. Net income $2,420 ance sheet at March 31. T. Warren made an additional investment in the business of $10,000 in March.
Total assets $17,680 c. Journalize the adjusting entries from the adjustments columns of the worksheet.
d. Journalize the closing entries from the financial statement columns of the worksheet.
Complete worksheet; prepare finan- P4.2A (LO 1, 2, 4) Financial Statement The adjusted trial balance columns of the worksheet for
cial statements, closing entries, and Nguyen Company, owned by C. Nguyen, are as follows.
post-closing trial balance.
Nguyen Company
GLS Worksheet
For the Year Ended December 31, 2020
Adjusted
Account Trial Balance
No. Account Titles Dr. Cr.
101 Cash 5,300
112 Accounts Receivable 10,800
126 Supplies 1,500
130 Prepaid Insurance 2,000
157 Equipment 27,000
158 Accumulated Depreciation—Equipment 5,600
200 Notes Payable 15,000
201 Accounts Payable 6,100
212 Salaries and Wages Payable 3,600
230 Interest Payable 600
301 Owner’s Capital 13,000
306 Owner’s Drawings 7,600
400 Service Revenue 61,000
610 Advertising Expense 9,000
631 Supplies Expense 4,000
711 Depreciation Expense 5,600
722 Insurance Expense 3,500
726 Salaries and Wages Expense 28,000
905 Interest Expense 600
Totals 104,900 104,900