Problem 4-01A a-d (Video) The trial balance columns of the worksheet for Oriole

Question

Problem 4-01A a-d (Video) The trial balance columns of the worksheet for Oriole Roofing at March 31, 2020, are as follows. Oriole Roofing Worksheet For the Month Ended March 31, 2020 Trial Balance Dr. 4,900 2,800 1,940 Account Titles Cr. 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 10,868 1,235 2,430 570 12,413 1,000 6,700 1,450 390 23,34823,348 Other data: 1. 2. 3. 4. A physical count reveals only $700 of roofing supplies on hand. Depreciation for March is $247. Unearned revenue amounted to $150 at March 31. Accrued salaries are $600

Explanation / Answer

Trial Balance Adjusting entries Adjusted Trial Bal Income Statement Balance Sheet Account Titles Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash $4,900 $4,900 $4,900 Accounts Receivable 2800 $2,800 $2,800 Supplies 1940 1240 $700 $700 Equipment 10868 $10,868 $10,868 Accumulated Depreciation—Equipment 1235 247 1,482 1,482 Accounts Payable 2430 2,430 2,430 Unearned Service Revenue 570 420 150 150 Owners Capital 12413 12,413 15,606 Owners Drawings 1000 1000 $1,000 Service Revenue 6700 420 7,120 7,120 Salaries and Wages Expense 1450 600 $2,050 $2,050 Miscellaneous Expense 390 $390 $390 Total $23,348 $23,348 Supplies expenses 1240 $1,240 $1,240 Depreciation expenses 247 $247 $247 Salaries and Wages payable 600 600 600 Total Net Income $3,193 Totals 2507 2507 24195 24195 7120 7120 20268 20268 Income statement Service Revenue 7,120 Less: expenses Salaries and Wages Expense $2,050 Miscellaneous Expense $390 Supplies expenses $1,240 Depreciation expenses $247 Total operating expenses $3,927 Net Income $3,193 OWners Equity statement For the year ended Mar 31 Beginning Balance 2,900 Add: Addition in capital 9513 Net Income $3,193 $12,706 $15,606 Less Drawings $1,000 Ending Balance $14,606 Balance Sheet For the yer ended Marc 31 Assets Current Assets Cash $4,900 Accounts Receivable $2,800 Supplies $700 Total current Assets $8,400 Property Plant & equipment Equipment 10868 Accumulated Depreciation—Equipment 1,482 9,386 Total Assets $17,786 Liabilties & Owners equity Current liabilities Accounts Payable 2,430 Unearned Service Revenue 150 Salaries and Wages payable 600 Total Current liabilities 3,180 Owners Equity Owner Capital $14,606 Total Liabilties & Owners equity $17,786 Adjusting entries Accounts Title Dr Cr 1 Supplies expenses 1240 Supplies 1240 2 Depreciatione expenses 247 Accumulated Depreciation—Equipment 247 3 Unearned Service Revenue 420 Service revenue 420 4 Salaries and Wages expenses 600 Salaries and Wages payable 600 Clsoing entries Service revenue 7,120 Income summary 7,120 Income summary $3,927 Salaries and Wages Expense $2,050 Miscellaneous Expense $390 Supplies expenses $1,240 Depreciation expenses $247 Income summary $3,193 Owner Capital $3,193 Owner Capital 1000 Owner Drawings 1000 If any doubt comment. If satisfied please rate

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