ACCT220 Lampert Roofing PROBLEM P4-1A

| October 3, 2018

P4-1A

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Prepare a worksheet, financial
statements, and adjusting and closing entries.
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The trial balance columns of the worksheet for Lampert Roofing
at March 31, 2014, are as follows.

LAMPERT ROOFING
Worksheet
For the Month Ended March 31, 2014

Trial Balance

Account Titles

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

23,500

23,500

Other data:

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1.

A physical count reveals only $550 of
roofing supplies on hand.

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2.

Depreciation for March is $250.

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3.

Unearned revenue amounted to $210 at March
31.

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4.

Accrued salaries are $700.

Instructions

(a)

Enter the trial balance on a worksheet and
complete the worksheet.
Adjusted trial balance $24,450

(b)

Prepare an income statement and owner’s equity
statement for the month of March and a classified balance sheet at March
31. C. Lampert made an additional investment in the business of $10,000 in
March.

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Net income $2,540

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Total assets $17,750

(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.

P4-4A

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Complete worksheet; prepare
classified balance sheet, entries, and post-closing trial balance.
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Jarmuz Management Services began business on January 1, 2014,
with a capital investment of $120,000. The company manages condominiums for
owners (Service Revenue) and rents space in its own office building (Rent
Revenue). The trial balance and adjusted trial balance columns of the
worksheet at the end of the first year are as follows.

JARMUZ MANAGEMENT SERVICES
Worksheet
For the Year Ended December 31, 2014

Trial Balance

Adjusted Trial Balance

Account Titles

Dr.

Cr.

Dr.

Cr.

Cash

13,800

13,800

Accounts Receivable

28,300

28,300

Prepaid Insurance

3,600

2,400

Land

67,000

67,000

Buildings

127,000

127,000

Equipment

59,000

59,000

Accounts Payable

12,500

12,500

Unearned Rent Revenue

6,000

1,500

Mortgage Payable

120,000

120,000

Owner’s Capital

144,000

144,000

Owner’s Drawings

22,000

22,000

Service Revenue

90,700

90,700

Rent Revenue

29,000

33,500

Salaries and Wages Expense

42,000

42,000

Advertising Expense

20,500

20,500

Utilities Expense

19,000

19,000

Totals

402,200

402,200

Insurance Expense

1,200

Depreciation Expense

6,600

Accumulated Depreciation—Buildings

3,000

Accumulated Depreciation—Equipment

3,600

Interest Expense

10,000

Interest Payable

10,000

Totals

418,800

418,800

Instructions

(a)

Prepare a complete worksheet.
Net income $24,900

(b)

Prepare a classified balance sheet. (Note:
$30,000 of the mortgage note payable is due for payment next year.)
Total current assets $44,500

(c)

Journalize the adjusting entries.

(d)

Journalize the closing entries.

(e)

Prepare a post-closing trial balance.
Post-closing trial balance $297,500

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