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.