Question

The trial balance for Game Time on July 31 is as follows:


Data for month- end adjustments are as follows:
a. Expired or used-up insurance, $ 480.
b. Depreciation expense on equipment, $ 850.
c. Depreciation expense on repair equipment, $ 120.
d. Wages accrued or earned since the last payday, $ 525 (owed and to be paid on the next payday).
e. Supplies used, $ 70.

Required
1. Complete a work sheet for the month.
2. Journalize the adjusting entries.
3. Prepare an income statement, a statement of owner’s equity, and a balance sheet. Assume that no additional investments were made duringJuly.


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  • CreatedOctober 21, 2014
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