The trial balance columns of the worksheet for Lampert Roofing at March 31, 2017
ID: 2395970 • Letter: T
Question
The trial balance columns of the worksheet for Lampert Roofing at March 31, 2017, are as follows. LAMPERT ROOFING Worksheet For the Month Ended March 31, 2017 Trial Balance Account Titles Dr. 4,300 2,700 2,500 11,132 Cr. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Miscellaneous Expense 1,265 2,100 700 9,677 3,400 1,200 6,500 1,500 310 23,642 23,642 Other data: 1. A physical count reveals only $500 of roofing supplies on hand. 2. Depreciation for March is $253. 3. Unearned service revenue amounted to $230 at March 31. 4. Accrued salaries are $800. Enter the trial balance on a worksheet and complete the worksheet.Explanation / Answer
Answers
Unadjusted given balances
Adjustments based on additional data
Adjusted Trial Balance
Dr
Cr
Dr
Cr
Dr
Cr
Cash
$ 4,300.00
$ 4,300.00
Accounts recievables
$ 2,700.00
$ 2,700.00
Supplies
$ 2,500.00
$ 2,000.00
$ 500.00
Equipment
$ 11,132.00
$ 11,132.00
Accumulated Depreciation Equipment
$ 1,265.00
$ 253.00
$ 1,518.00
Accounts Payable
$ 2,100.00
$ 2,100.00
Salaries & Wages Payable
$ 800.00
$ 800.00
Unearned Service Revenue
$ 700.00
$ 470.00
$ 230.00
Common Stock
$ 9,677.00
$ 9,677.00
Retained Earnings
$ 3,400.00
$ 3,400.00
Dividends
$ 1,200.00
$ 1,200.00
Service Revenue
$ 6,500.00
$ 470.00
$ 6,970.00
Salaries & Wages expenses
$ 1,500.00
$ 800.00
$ 2,300.00
Miscellaneous expenses
$ 310.00
$ 310.00
Supplies expenses
$ 2,000.00
$ 2,000.00
Depreciation expenses
$ 253.00
$ 253.00
TOTAL
$ 23,642.00
$ 23,642.00
$ 3,523.00
$ 3,523.00
$ 24,695.00
$ 24,695.00
Retained Earnings
Beginning Balance
$ 3,400.00
Add:
Service Revenue
$ 6,970.00
Less:
Dividends
$ (1,200.00)
Salaries & Wages expenses
$ (2,300.00)
Miscellaneous expenses
$ (310.00)
Supplies expenses
$ (2,000.00)
Depreciation expenses
$ (253.00)
Ending Balance in Balance Sheet
$ 4,307.00
“ as at March 31, 2017”
ASSETS
Current Assets:
Cash
$ 4,300.00
Accounts recievables
$ 2,700.00
Supplies
$ 500.00
Total current assets
$ 7,500.00
Property, Plant & Equipments:
Equipment
$ 11,132.00
Less: Accumulated Depreciation Equipment
$ (1,518.00)
Property, Plant & Equipments, NET
$ 9,614.00
Total ASSETS
$ 17,114.00
LIABILITIES & STOCKHOLDERS' EQUITY
Liabilities:
Accounts Payable
$ 2,100.00
Salaries & Wages Payable
$ 800.00
Unearned Service Revenue
$ 230.00
Total Liabilities
$ 3,130.00
Stockholder's Equity:
Common Stock
$ 9,677.00
Retained Earnings
$ 4,307.00
Total Stockholder's Equity
$ 13,984.00
Total LIABILITIES & STOCKHOLDERS' EQUITY
$ 17,114.00
Unadjusted given balances
Adjustments based on additional data
Adjusted Trial Balance
Dr
Cr
Dr
Cr
Dr
Cr
Cash
$ 4,300.00
$ 4,300.00
Accounts recievables
$ 2,700.00
$ 2,700.00
Supplies
$ 2,500.00
$ 2,000.00
$ 500.00
Equipment
$ 11,132.00
$ 11,132.00
Accumulated Depreciation Equipment
$ 1,265.00
$ 253.00
$ 1,518.00
Accounts Payable
$ 2,100.00
$ 2,100.00
Salaries & Wages Payable
$ 800.00
$ 800.00
Unearned Service Revenue
$ 700.00
$ 470.00
$ 230.00
Common Stock
$ 9,677.00
$ 9,677.00
Retained Earnings
$ 3,400.00
$ 3,400.00
Dividends
$ 1,200.00
$ 1,200.00
Service Revenue
$ 6,500.00
$ 470.00
$ 6,970.00
Salaries & Wages expenses
$ 1,500.00
$ 800.00
$ 2,300.00
Miscellaneous expenses
$ 310.00
$ 310.00
Supplies expenses
$ 2,000.00
$ 2,000.00
Depreciation expenses
$ 253.00
$ 253.00
TOTAL
$ 23,642.00
$ 23,642.00
$ 3,523.00
$ 3,523.00
$ 24,695.00
$ 24,695.00
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