Wang 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
Share Capital-Ordinary ¥ 12,900
Dividends ¥ 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 roofi ng 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. Enter the trial balance on a worksheet and complete the worksheet.
b. Prepare an income statement and a retained earnings statement for the month of March and a classifi ed
statement of fi nancial position at March 31.
c. Journalize the adjusting entries from the adjustments columns of the worksheet.
d. Journalize the closing entries from the fi nancial statement columns of the worksheet.
 A. F
Trial Balance
Account Titles
Dr.
Cash ¥ 4,500
Accounts Receivable ¥ 3,200
Supplies ¥ 2,000
Equipment ¥ 11,000
Accumulated Depreciation-Equipment
Accounts Payable
Unearned Service Revenue
Share Capital-Ordinary
Dividends ¥ 1,100
Service Revenue
Salaries and Wages Expense ¥ 1,300
Miscellaneous Expense ¥ 400
Totals ¥ 23,500
Supplies Expense
Depretiation of Expense Equipment
Salaries and Wages Payable
Totals
Net Income

arch and a classifi ed

 Wang Roofing
Worksheet
For the Month Ended March 31, 2020
Trial Balance Adjusment Entries Adjusted Trial Balance Income Statement
Cr. Dr. Cr. Dr. Cr. Dr.
¥ 4,500
¥ 3,200
¥ 1,520 ¥ 480
¥ 11,000
¥ 1,250 ¥ 250 ¥ 1,500
¥ 2,500 ¥ 2,500
¥ 550 ¥ 290 ¥ 260
¥ 12,900 ¥ 12,900
¥ 1,100
¥ 6,300 ¥ 290 ¥ 6,590
¥ 700 ¥ 2,000 ¥ 2,000
¥ 400 ¥ 400
¥ 23,500
¥ 1,520 ¥ 1,520 ¥ 1,520
¥ 250 ¥ 250 ¥ 250
¥ 700 ¥ 700
¥ 2,760 ¥ 2,760 ¥ 24,450 ¥ 24,450 ¥ 4,170
¥ 2,420
¥ 6,590
Income Statement Statement of Financial Position
Cr. Dr. Cr.
¥ 4,500
¥ 3,200
¥ 480
¥ 11,000
¥ 1,500
¥ 2,500
¥ 260
¥ 12,900
¥ 1,100
¥ 6,590

¥ 700
¥ 6,590 ¥ 20,280 ¥ 17,860
¥ - ¥ - ¥ 2,420
¥ 6,590 ¥ 20,280 ¥ 20,280
B. Income Statement C. Adjustment Entrie
Revenue : NO
Service Revenue ¥6,590 1
Expense :
Salaries and Wages Expense ¥ 2,000 2
Miscellaneous Expense ¥ 400
Supplies Expense ¥ 1,520 3
Depretiation of Expense Equipment ¥ 250
Total Expenses ¥ 4,170 4
Net Profit ¥2,420

Retained Earnings Statement

Retained Earnings, March 1, 2020
Net Profit ¥2,420
Less Dividend ¥1,100
Retained Earnings, March 31, 2020 ¥1,320

Statement of Financial Position

Asset
Property, plant, equipment
Equipment ¥11,000
Less : Accumulated deperication-equipment ¥1,500 ¥9,500
Current Assets
Cash ¥ 4,500
Accounts Receivable ¥ 3,200
Supplies ¥ 480 ¥8,180
¥17,680

Liabilities and Equity

Current Liabilities
Accounts Payable ¥ 2,500
Unearned Service Revenue ¥ 260
Salaries and Wages Payable ¥ 700 ¥ 3,460
Equity
Share Capital-Ordinary ¥ 12,900
Retained Earnings ¥ 1,320 ¥ 14,220
¥ 17,680
Adjustment Entries D. Closing Entries
Account Titles Debit Credit NO Acc
Supplies Expense ¥ 1,520 1 Service Revenue
Supplies ¥ 1,520
Depretiation of Expense Equipment ¥ 250 2 Income Summary
Accumulated Depreciation-Equipment ¥ 250
Unearned Service Revenue ¥ 290
Service Revenue ¥ 290
Salaries and Wages Expense ¥ 700
Salaris and Wages Payable ¥ 700 3 Income Summary

4 Retained Earnings

Tota
 Account Titles Debit Credit
Service Revenue ¥ 6,590
Income Summary ¥ 6,590
Income Summary ¥ 4,170
Salaries and Wages Expense ¥ 2,000
Miscellaneous Expense ¥ 400
Supplies Expense ¥ 1,520
Depretiation of Expense Equipment ¥ 250
Income Summary ¥ 2,420
Retained Earnings ¥ 2,420
Retained Earnings ¥ 1,100
Dividend ¥ 1,100
Totals ¥ 14,280 ¥ 14,280