GIBSON ROOFING

Worksheet
For the Month Ended March 31, 2012

Account Titles Trial Balance Adjustments Adjusted trail Income Balance sheet
balance Statement
Debit Credit Debit Credit Dr Cr Dr Cr Dr Cr
Cash 4500 4500 4500
Account 3200 3200 3200
Receivable
Supplies 2000 1450 550 550
Equipment 11000 11000 1100
0
Accumulated 1250 250 1500 1500
Depreciation
equipment
Account 2500 2500 2500
payable
Unearned 550 210 340 340
Service
Revenue
Owner’s 12900 12900 12900
Capital
Owners 1100 1100 1100
Drawings
Service 6300 210 6510 6510
Revenue
Salaries and 1300 700 2000 2000
Wages
Expense
Miscellaneous 400 400 400
expense

Total 23500 23500

Supplies 1450 1450 1450
Expense
Depreciation 250 250 250
Expense
Salaries and 700 700 700
Wages payable

Total 24,450 24,450 4100 6850 2035 17600

0 2750 0 2750
Total 6850 6850 2035 20350
0
(b) Prepare an income statement and owner’s equity statement for the month of March and a
classified balance sheet at March 31. T. Gibson did not make any additional investments in the
business in March?

Income Statement :-
GIBSON ROOFING
Income Statement
For the quarter Ended March 31, 2012

Revenues
Unearned Service Revenue ……………………………………………………………….. 340
Service Revenue……………………………………………………………………………….. 6510
Expense
Salaries and wages expense………………………………………….. 2000
Miscellaneous expense………………………………………………...... 400
Supplies Expense…………………………………………………………… 1450
Depreciation Expense…………………………………………………… 250
Total Expenses……………………………………………………………………………………$ 4, 100
Net income………………………………………………………………………………………. $2, 750
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Owner’s Equity statement :-
GIBSON ROOFING
Owner’s Equity
For the quarter Ended March 31, 2012

Owner’s Capital, march 1…………………………………………………. $0

Investment by owners……………………………………………………. $12,900
Net income……………………………………………. 2750
Sub total……………………………………………… 15650
Owners drawings……………………………. 1100
Owners capital March 31………………………….. $14, 550
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Classified balance sheet :-

GIBSON ROOFING
Classified balance sheet
For the quarter Ended March 31, 2012
Assets
Current Assets :-
Cash………………………………………………. $ 4500
Account Receivables………………………… $ 3200
Supplies…………………………………………….. $500
Total current Assets……………………. $8, 250
Property plant and Equipment :-
Equipment………………………….. 11,000
Accumulated Depreciation………….. 1500
Total Equipment…………………………. $ 9,500
Total Assets…………………………………………………………………… 17750
Liabilities and owner’s Equity
Current Liabilities :-

Account playable……………………………………. 2500

Salaries and Wages payable………………….. 700
Total current liabilities……………………………. $3, 200

Owners Equity :-

Owners capital………………………………………. 14,550

Total liabilities and owners Equity……………………. $17, 750

(c) Journalize the adjusting entries from the adjustments columns of the worksheet…..?

Journalize
Date Account Titles Ref Debit Credit
March 31 2012 Supplies Expense 1450
Supplies 1450
31 march 2012 Depreciation 250
Expense

Accumulated
Depreciation 250

31 march 2012 Unearned Service 210

Revenue

Service
Revenue 210
31 march 2012 Salaries Expense 700

Salaries and
wages playable 700

(d) Journalize the closing entries from the financial statement columns of the worksheet?
 Date Account Titles Debit Credit
Mar, 31,2012 Service Revenue $6,510

Income
summary $6, 510

Mar, 31, 2012. Income summary………………………………….. $4, 100

Salaries and wages expense………………………………………….. $2, 000

Miscellaneous expense………………………………………………......$ 400
Supplies Expense…………………………………………………………… $1, 450
Depreciation Expense…………………………………………………… $250

Mar, 31. Income summary…………………. & 2, 750

Owners capital…………………………………………………………….. $2, 750

Mar, 31. Owner’s Capital…………………. $1,100

Owner’s Drawings……………………. $1,100

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