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.

Transcribed Image Text:

Game Time Trial Balance Juy 31, 20- Debit 14,721 257 1.295 17642 Credit Account Name Cash Supplies Prepaid Insurance Equipment Accumulated Depreciaton, Equipment Repair Equipment Accumulated Depreciaton, Repair Equipment Accounts Payable B. Ryan, Capital B. Ryan, Drawing Game Fees Concession Fees Wages Expense Rent Expense Utilities Expense Repair Expense Miscellaneous Expense 2,287 1,265 880 942 23.871 2,000 7954 3.752 1.068 980 246 180 32 39,686 39,686