Prepare an income statement and owners equity statement for

Question

The trial balance columns of the worksheet for Sasse Roofing at March 31, 2010, are as follows.

Other data:

1. A physical count reveals only $650 of roofing supplies on hand.

2. Depreciation for March is $250.

3. Unearned revenue amounted to $170 at March 31.

4. Accrued salaries are $600.

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. J. Sasse 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 theworksheet.