P 4-1 (a)

WA

For the Mont

Account Titles Trial Balance
Dr. Cr.
Cash 4,500
Accounts Receivable 3,200
Supplies 2,000
Equipment 11,000
Accumulated Depreciation - Equipment 1,250
Accounts Payable 2,500
Unearned Service Revenue 550
Owner's Capital 12,900
Owner's Drawings 1,100
Service Revenue 6,300
Salaries and Wages Expense 1,300
Miscellaneous Expense 400
Totals 23,500 23,500
Supplies Expense
Depreciation Expense
Salaries and Wages Payable
Totals
Net Income
Totals

(b)
WARREN ROOFING
Income Statement
For the Month Ended March 31, 2017
Revenues
Service Revenue 6,590
Expenses
Salaries and Wages Expense 2,000
Supplies Expense 1,520
Miscellaneous Expense 400
Depreciation Expense 250
Total Expenses 4,170
Net Income 2,420
 WARREN ROOFING
Owner's Equity Statement
For the Month Ended March 31, 2017
Owner's Capital, March 1 12900
Invesrtments 10,000
Add: Net Income 2,420
12,420
25,320
Less: Drawings 1,100
Owner's Capital, March 31 24,220

WARREN ROOFING
Balance Sheet
42,825
Assets
Current Assets
Cash 4500
Accounts Receivable 3200
Supplies 480
Total Current Assets 8,180
Equipment 11000
Less: Accum. Depreciation - Equipment 1,500 9,500
Total Assets 17,680
Liabilities and Owner's Equity
Current Liabilities
Accounts Payable 2500
Salaries and Wages Payable 700
Unearned Service Revenue 260
Total Current Liabilities 3460
Owner's Equity
Owner's Capital 24,220
Total Liabilities and Owner's Equity 27,680

(c)
Adjusting Entries
Date Account title and explanation Debit Credit

March Supplies Expense 1520

Supplies 1,520

March Depreciation Expense 250

Accumulated Depr-Equipment 250

March Salaries and Wages Expense 700

Salaries and Wages Payable 700

31-Mar Unearned Service Revenue 290

Service Revenue 290

42,460

(d)
Closing Entries
General Journal
Date Account title and explanation Debit
Closing Entries

March Service Revenue 6590

Income Summary

March Income Summary 4,170

Supplies Expense
Depreciation Expense
Salaries and Wages Expense
Miscellaneous Expense

March Income Summary 2,420

Owner's Capital

March Owner's Capital 1,100

Owner's Drawings
 WARREN ROOFING
Worksheet
For the Month Ending March 31, 2017
Adjustments Adjusted Trial Balance Income Statement
Dr. Cr. Dr. Cr. Dr.
4,500
3,200
1 1,520 480
11,000
2 250 1,500
2,500
3 290 260
12,900
1,100
3 290 6,590
4 700 2,000 2,000
400 400

1 1,520 1,520 1,520

2 250 250 250
4 700 700
2,760 2,760 24,450 24,450 4,170
2,420
6,590
Income Statement Balance Sheet
Cr. Dr. Cr.
4,500
3,200
480
11,000
1,500
2,500
260
12,900
1,100
6,590

700
6,590 20,280 17,860
2,420
6,590 20,280 20,280
 Bray Company
Income Statement
For the year Ended December 31, 2017
Revenues
Service Revenue 60000

Expenses
Maintenance and Repairs Expense 1700
Depreciation Expense 2800
Insurance Expense 1800
Salaries and Wages Expense 30000
Utilities Expense 1400
Total 37700
Net Income 22300

Bray Company
Classified Balance Sheet
For the year Ended December 31, 2017
Assets
Current Assets
Cash 8800
Accounts Receivable 10800
Prepaid Insurance 2800
Total Current Assets 22400
Equipments 24000
Less: Accumulated Depr-Equipme 4200 19800
Total Assets 42200
Liabilities and Owner's Equity
Current Liabilities
Accounts Payable 9000
Salaries and Wages Payable 2400
Total Current Liabilities 11400
Owner's Equity
Owner's Capital 30,800
Total Liabilities and Owner's Equity 42,200
 Bray Company
Owner's Equity Statement
For the year Ended December 31, 2017
Owner's Capital as December 31 19500
Investments 0
Add: Net Income 22,300
22,300
41,800
Less: Owner's drawings 11000
Owner's Capital , March 31 30,800

General Journal
Date Account title and explanation Debit Credit
Closing Entries

31-Dec Service Revenue 60000

Income Summary 60000
(To close revenue account)

31-Dec Income Summary 37,700

Maintenance and Repairs Expense 1,700
Depreciation Expense 2,800
Insurance Expense 1,800
Salaries and Wages Expense 30,000
Utilities Expense 1,400
(To close expense accounts)

31-Dec Owner's Capital 22,300

Income Summary 22,300
(To close net loss to Capital)

31-Dec Owner's Capital 11000

Owner's Drawings 11000
(To close drawings to capital)
 Adjusted Trial Balance
Dr. Cr.
101 Cash 5300
112 Accounts Receivable 10800
126 Supplies 1500
130 Prepaid Insurance 2000
157 Equipment 27000
158 Acumulated Depreciation-Equipment 5600
200 Notes payable 15000
201 Accounts Payable 6100
212 Salaries and Wages Payable 2400
230 Interest Payable 600
301 Owner's Capital 13000
306 Owner's Drawings 7000
400 Service Revenue 61000
610 Advertising Expense 8400
631 Supplies Expense 4000
711 Depreciation Expense 5600
722 Insurance Expense 3500
726 Salaries and Wages Expense 28000
905 Interest Expense 600
Totals 103700 103700
Net Income
Income Satement Balance Sheet
Dr Cr Dr Cr
5300
10800
1500
2000
27000
5600
15000
6100
2400
600
13000
7000
61000
8400
4000
5600
3500
28000
600
50100 61000 53600 42700
10900 53600 10900
61000 61000 53600 53600
Account Titles Trial Balannce Adjustments Adjusted Trial Balance
Dr. Cr. Dr. Cr.
Cash 13,800
Accounts Receivable 28,300
Prepaid Insurance 3,600 1 1,200
Land 67,000
Buildings 127,000
Equipment 59,000
Accounts Payable 12,500
Unearned rent revenue 6,000 2 4,500
Mortgage payable 120,000
Owners capital 144,000
Owners drawings 22,000
Service Revennue 90,700
Rent revenue 29,000 2 4,500
Salaries and wages expense 42,000
Advertising expense 20,500
Utilities expense 19,000
Totals 402,200 402,200
Insurannce expense 1 1,200
Depreciation expense 3 6,600
Accum dep, buildingns 3 3,000
accumulated dep, equip 3 3,600
Interest expense 4 10,000
Innterest payable 4 10,000
Totals 22,300 22,300
Net Income
Totals
justed Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
13,800
28,300
2,400
67,000
127,000
59,000
12,500
1,500
120,000
144,000
22,000
90,700 90,700
33,500 33,500
42,000 42,000
20,500 20,500
19,000 19,000

1,200 1,200
6,600 6,600
3,000
3,600
10,000 10,000
10,000
418,800 418,800 99,300 124,200
24,900
124,200 124,200
Dr. Cr.
13,800
28,300
2,400
67,000
127,000
59,000
12,500
1,500
120,000
144,000
22,000

3,000
3,600

10,000
319,500 294,600
24,900
319,500 319,500