The trial balance columns of the worksheet for Flint at March 31, 2019, are as follows. Flint Worksheet
For the Month Ended March 31, 2019
Trial Balance
Account Titles Dr. Cr.
Cash 4,900
Accounts Receivable 3,400
Supplies 1,800
Equipment 11,176
Accumulated Depreciation—Equipment 1,270
Accounts Payable 2,500
Unearned Service Revenue 700
Common Stock 10,266
Retained Earnings 2,700
Dividends 1,200
Service Revenue 6,700
Salaries and Wages Expense 1,300
Miscellaneous Expense 360
24,136 24,136
Other data:
1. A physical count reveals only $700 of roofing supplies on hand.
2. Depreciation for March is $254.
3. Unearned service revenue amounted to $200 at March 31.
4. Accrued salaries are $600.
A. Enter the trial balance on a worksheet and complete the worksheet. B. Prepare an income statement for the month of March. C. Prepare a retained earnings statement for the month of MarchD. Prepare a classified balance sheet at March 31.E. Journalize the adjusting entries from the adjustments columns of the worksheet. F. Journalize the closing entries from the financial statement columns of the worksheet.

Flint

A. See worksheet.

B. Income Statement for the month of March 2019:

Service Revenue  $7,200

Supplies Expense   -1,100

Depreciation Exp.    -254

Salaries Expense   -1900

Miscellaneous Exp. -360

Net Income        $3,586

C. Retained Earnings Statement for the month of March

Beginning Retained Earnings $2,700

Net Income                                3,586

Dividends                                  -1,200

Closing Retained Earnings    $5,086

D. A Classified Balance Sheet at March 31:

Assets:

Current Assets:

Cash                         $4,900

Accounts Receivable 3,400

Supplies                        700             $9,000

Long-term Assets:

Equipment                   $11,176

less Acc. Depreciation  1,524         $9,652

Total Assets                                   $18,652

Liabilities::

Current Liabilities:

Accounts Payable           $2,500

Unearned Revenue             200

Salaries & Wages Payable  600    $3,300

Equity:

Common Stock            $10,266

Retained Earnings           5,086     $15,352

Total Liabilities + Equity                 $18,652

E. Journal of Adjusting Entries:

March 31, 2019:

1. Debit Supplies Expense $1,100

  Credit Supplies $1,100

To record supplies used in March.

2. Debit Depreciation Expense $254

   Credit Accumulated Depreciation $254

To record depreciation expense for the month

3. Debit Unearned Service Revenue $500

   Credit Service Revenue $500

To record revenue earned.

4. Debit Salaries & Wages $600

   Credit Salaries & Wages Payable $600

To record accrued salaries.

F. Journal for closing entries:

March 31:

Debit Income Summary $3,614

Credit Supplies Expense $1,100

Credit Depreciation Expense $254

Credit Salaries & Wages Expense $1,900

Credit Miscellaneous Expense $360

To close temporary accounts to the income summary.

Debit Service Revenue $7,200

Credit Income Summary $7,200

To close temporary accounts to the income summary.

Debit Retained Earnings $1,200

Credit Dividends $1,200

To close the account to the Retained Earnings.

Explanation:

a) A Trial Balance is a list of debit and credit balances extracted from the ledger.  It is a tool for checking if the two sides agree in total.  It also forms the basis for preparing financial statements after adjusting entries have been made.

b) Adjusting entries are journal entries made to recognize some accrued expenses and income for the period, in line with the accrual concept and the matching principle of generally accepted accounting principles.

c) Closing entries are journal entries made to close temporary accounts to the income summary; thus leaving only permanent accounts, which are carried over to the next accounting period.

answer; /// i believe the correct answer is ( column break);

income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.