(Solution) - Sherlock Holmes began operations as a private investigator on Ja -(2025 Original AI-Free Solution)

Paper Details

Sherlock Holmes began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Sherlock Holmes, P.I., Inc. at March 31 are as follows.

Other data:
1. Supplies on hand total $480.
2. Depreciation is $720 per quarter.
3. Interest accrued on 6-month note payable, issued January 1, $300.
4. Insurance expires at the rate of $200 per month.
5. Services provided but unbilled at March 31 total $1,080.

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 quarter and a classified balance sheet at March 31.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of theworksheet.