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

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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.