E4-1

DIXON COMPANY
Worksheet
For the Month Ended June 30, 2017

Trial Balance Adjustments Adjusted Balance Sheet

Trial Balance Income Statement
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash $2,320 $2,320 $2,320
Accounts Receivable 2,440 2,440 2,440
Supplies 1,880 $1,380 500 500
Accounts Payable $1,120 $1,120 $1,120
Unearned Service Revenue 240 $140 100 100
Owner’s Capital 3,600 3,600 3,600
Service Revenue 2,400 140 2,540 $2,540
Salaries and Wages Expense 560 210 770 $770
Miscellaneous Expense 160 160 160
Totals $7,360 $7,360
Supplies Expense 1,380 1,380 1,380
Salaries and Wages Payable 210 210 210
Totals $1,730 $1,730 $7,570 $7,570 2,310
Net Income 230 230
$2,540 $2,540 $5,260 $5,260
Totals
E4-2
SAVAGLIA COMPANY
Worksheet
For the Month Ended April 30, 2017

Adjusted Balance Sheet

Trial Balance Income Statement
Account Titles Debit Credit Debit Credit Debit Credit
Cash $10,000 $10,000
Accounts Receivable 7,840 7,840
Prepaid Rent 2,280 2,280
Equipment 23,050 23,050
Accumulated Depreciation-Equip. 4,900 $4,900
Notes Payable 5,700 5,700
Accounts Payable 4,920 4,920
Owner’s Capital 27,960 27,960
Owner’s Drawings 3,650 3,650
Service Revenue 15,590 $15,590
Salaries and Wages Expense 10,840 $10,840
Rent Expense 760 760
Depreciation Expense 650 650
Interest Expense 57 57
Interest Payable 57 57
Totals $59,127 $59,127 $12,307
Net Income 3,283 3,283
$15,590 $15,590 $46,820 $46,820
Totals
P4-1A
(a) WARREN ROOFING
Worksheet
For the Month Ended March 31, 2017

Trial Balance Adjustments Adjusted Balance Sheet

Trial Balance Income Statement
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash $4,500 $4,500 $4,500
Accounts Receivable 3,200 3,200 3,200
Supplies 2,000 $1,520 480 480
Equipment 11,000 11,000 11,000
Accumulated $1,250 250 $1,500 $1,500
Depreciation-Equip.
Accounts Payable 2,500 2,500 2,500
Unearned Service Revenue 550 $290 260 269
Owner’s Capital 12,900 12,900 12,900
Owner’s Drawings 1,100 1,100 1,100
Service Revenue 6,300 290 6,590 $6,590
Salaries and Wages Expense 1,300 700 2,000 2,000
Miscellaneous Expense 400 400 400

Totals $23,500 $23,500

Supplies Expense 1,520 1,520 1,520
Depreciation Expense 250 250 250
Salaries and Wages Payable 700 700 700
Totals $2,760 $2,760 $24,450 $24,450 $4,170
Net Income 2,470 2,420
$6,590 $6,590 $20,280 $20,280
Totals
 (b)
WARREN ROOFING
Income Statement
For the Month Ended March 31, 2017

Revenues
Service Revenue $6,590
Total Revenue $6,590
Expenses
Depreciation Expense $250
Supplies Expense 1,520
Salaries and Wages Payable 2,000
Miscellaneous Expense 400
Total Expense $4,170
Net income $2,420

WARREN ROOFING
Owner’s Equity Statement
For the Month Ended March 31, 2017

Owner’s Capital $2,900

(March 01, $12,900-$10,000)
Add: Investment $10,000
Net Income 2,420
$12,420
$15,320
Less: Owner’s Drawings $1,100
Owner’s Capital (March 31) $14,220
 WARREN ROOFING
Balance Sheet
For the Month Ended March 31, 2017

Assets
Current assets
Cash $4,500
Accounts Receivable 3,200
Supplies 480
Total current assets $8,180
Property, Plant and Equipment
Equipment $11,000
Less: Accumulated Depreciation-Equipment 1,500
Total Long-term assets $9,500
Total assets $17,680
Liabilities and Owner’s Equity
Liabilities
Accounts Payable $2,500
Unearned Service Revenue 260
Salaries and Wages Payable 700
Total Liabilities $3,460
Owner’s Equity
Owner’s Capital (March 31) $14,220
Total Liabilities & Equity $17,680

(c) Adjusting Entries

 Date Account titles & Explanations Ref Debit Credit

Mar 31 Supplies Expense $1,520

Supplies $1,520
(To record Supplies used)

Mar 31 Depreciation Expense $250

Accumulated Depreciation-Equipment $250
(To record Depreciation Expense)

Mar 31 Unearned Service Revenue $290

Service Revenue $290
(To record Unearned Service Revenue)

Mar 31 Salaries and Wages Expense $700

Salaries and Wages Payable $700
(To Accumulated Depreciation)

(d) Closing Entries

Date Account titles & Explanations Ref Debit Credit

Mar 31 Service Revenue $6,590

Income Summary $6,590
(To close Revenues)

Mar 31 Income Summary $4,170

Salaries and Wages Expense $2,000
Miscellaneous Expense 400
Supplies Expense 1,520
Depreciation Expense 250
(To close Expenses)

Mar 31 Income Summary $2,420

Owner’s Capital $2,420
(To transfer Net Income)

Mar 31 Owner’s Capital $1,100

Owner’s Drawings $1,100
(To transfer Drawings)