P4-1B The trial balance columns of the worksheet for Everlast Roofing Inc. at March 31, 2008, are as follows EVERLAST ROOFING INC.

P4-1B The trial balance columns of the worksheet for Everlast Roofing Inc. at March 31, 2008,

are as follows

EVERLAST ROOFING INC.

Worksheet

For the Month Ended March 31, 2008

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

Common Stock 7,000

Dividends 600

Service Revenue 3,500

Salaries Expense 700

Miscellaneous Expense 200

12,900 12,900

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 a retained earnings statement for the month of March and

a classified balance sheet at March 31. Common stock of $7,000 was issued for cash at the

beginning of 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.