The worksheet a Account Titles Cash Accounts Receivable

The worksheet (a) Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation— Equipment Accounts Payable Unearned Service Revenue Owner’s Capital Owner’s Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Totals Supplies Expense Depreciation Expense Salaries and Wages Payable Totals Net Income Totals LAMPERT ROOFING Worksheet For the Month Ended March 31, 2014 Adjusted Trial Balance Adjustments Trial Balance Dr. Cr. Income Statement Balance Sheet Dr. Cr.

The adjusted Trial Balance Explanation Debit for the year ended december 31, 2017 Cash 5300 Accounts receivable 10800 Supplies 1500 Prepaid insurance 2000 equipment 27000 dve Accumulated depreciation - equipment 5600 Notes payable 15600 Accounts Payable 6100 Salaries payable 2400 Interest payable 600 Owner’s Capital 13000 Owner’s drawings 7000 Service Revenue 61000 Advertising Expense 8400 Supplies expense 4000 Depreciation expense 5600 Insurance expense 3500 Salaries and wages expense 28000 Interest expense 600 103700

instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b) Prepare an income statement, owner’s equity statement, and a balance sheet. D. Thao did not make any additional investments in the business during the year. (c) Prepare the closing entries. Use J 14 for the journal page.

The worksheet Account titles Adjusted Trial Balance Dr. Cr. 5, 300 10, 800 1, 500 2, 000 27, 000 5, 600 15, 000 6, 100 2, 400 600 13, 000 7, 000 61, 000 8, 400 4, 000 5, 600 3, 500 28, 000 600 Income Statement Dr. Cr. 61, 000 8, 400 4, 000 5, 600 3, 500 28, 000 600 Balance Sheet Dr. Cr. 5, 300 10, 800 1, 500 2, 000 27, 000 5, 600 15, 000 6, 100 2, 400 600 13, 000 7, 000 Totals 103, 700 50, 100 10, 900 61, 000 53, 600 42, 700 10, 900 Totals 61, 000 53, 600 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Acc. Depr. —Equip. Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Owner’s Capital Owner’s Drawings Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense Net Income

The income statement Title Partial revenues Total 61000 Expenses - Salaries and wages expense 28000 - Advertising expense 8400 - Depreciation expense 5600 - Supplies expense 4000 - Insurance expense 3500 - Interest expense 600 Total expenses 50100 Net income 10900

Owner’s equity statement Title Beginning capital + investment 13000 0 13000 + net income 10900 23900 - drawings 7000 Ending capital 16900

Balance sheet Title Partial Total Assets Cash 5, 300 Accounts receivable 10, 800 Supplies 1, 500 Prepaid insurance 2, 000 Equipment 27, 000 Less: Accumulated depreciation— equipment (5600) Total assets 41000 Liabilities and Owner’s Equity liabilities Notes payable 15, 000 Accounts payable 6, 100 Salaries and wages payable 2, 400 Interest payable Total liabilities 600 24100 Owner’s equity Owner’s capital 16900 Total liabilities and owner’s equity 41000

The closing entries Explanation Service revenue Debit 61000 income summary Income summary Credit 61000 50100 - Salaries and wages expense 28000 - Advertising expense 8400 - Depreciation expense 5600 - Supplies expense 4000 Income summary 10900 owner’s capital owner’s drawings 10900 7000