ch04 - Exercise Set C - Chapter 4 PROBLEMS SET C P4-1C The...

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PROBLEMS: SET C P4-1C The trial balance columns of the worksheet for Eternity Roofing at March 31, 2010, are as follows. Chapter 4 Other data: 1. A physical count reveals only $240 of roofing supplies on hand. 2. Depreciation for March is $200. 3. Unearned revenue amounted to $130 after adjustment on March 31. 4. Accrued salaries are $350. Instructions (a) Enter the trial balance on a worksheet and complete the worksheet. (b) Prepare an income statement and owner’s equity statement for the month of March and a classified balance sheet at March 31. M. Lord did not make any additional investments in the business in March. (c) Journalize the adjusting entries from the adjustments columns of the worksheet. (d) Journalize the closing entries from the financial statement columns of the worksheet. P4-2C The adjusted trial balance columns of the worksheet for Caliente Company, owned by Jose Enfuego, are as follows. ETERNITY ROOFING Worksheet For the Month Ended March 31, 2010 Trial Balance Account Titles Dr. Cr. Cash 2,500 Accounts Receivable 1,800 Roofing Supplies 1,100 Equipment 6,000 Accumulated Depreciation—Equipment 700 Accounts Payable 1,400 Unearned Revenue 300 M. Lord, Capital 7,000 M. Lord, Drawing 600 Service Revenue 3,500 Salaries Expense 700 Miscellaneous Expense 200 12,900 12,900 CALIENTE COMPANY Worksheet For the Year Ended December 31, 2010 Adjusted Account Trial Balance No. Account Titles Dr. Cr. 101 Cash 11,600 112 Accounts Receivable 15,400 126 Supplies 2,000 130 Prepaid Insurance 2,800 151 Office Equipment 34,000 152 Accumulated Depreciation—Office Equipment 8,000 200 Notes Payable 20,000 201 Accounts Payable 9,000 Prepare a worksheet, financial statements, and adjusting and closing entries. (SO 1, 2, 3, 6) Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. (SO 1, 2, 3, 6) (a) Adjusted trial balance $13,450 (b) Net income $1,360 Total assets $9,640
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Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b)
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This note was uploaded on 09/19/2010 for the course ACCT 220 taught by Professor Ullmann during the Fall '10 term at University of Nebraska Kearney.

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ch04 - Exercise Set C - Chapter 4 PROBLEMS SET C P4-1C The...

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