Refer to the work sheet below for Megaffin’s Repairs to complete this problem.

Megaffin's Repairs Work Sheet For Month Ended January 31, 20--
	Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	3,675				3,675				3,675
Accounts Receivable	1,452				1,452				1,452
Supplies	695			296	399				399
Prepaid Insurance	899			220	679				679
Delivery Equipment	3,230				3,230				3,230
Accumulated Depreciation - Delivery Equipment				53		53				53
Accounts Payable		1,208				1,208				1,208
Wages Payable				405		405				405
Don Megaffn, Capital		8,039				8,039				8,039
Don Megaffn, Drawing	1,117				1,117				1,117
Repair Fees		4,693				4,693		4,693
Wages Expense	1,744		405		2,149		2,149
Advertising Expense	210				210		210
Rent Expense	637				637		637
Supplies Expense			296		296		296
Phone Expense	49				49		49
Insurance Expense			220		220		220
Gas and Oil Expense	199				199		199
Depreciation Expense - Delivery Equipment			53		53		53
Miscellaneous Expense	33				33		33
	13,940	13,940	974	974	14,398	14,398	3,846	4,693	10,552	9,705
Net Income							847			847
							4,693	4,693	10,552	10,552

1. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank or enter "0". Do not enter the posting references until you complete part 3.

2. Journalize the closing entries. If an amount box does not require an entry, leave it blank or enter "0". Do not enter the posting references until you complete part 3.

Answer rating: 100% (QA)

1 Journalize the adjusting entries If an amount box does not require an entry leave it blank or enter 0 Do not enter the posting references until you complete part 3 Date Description PostRef Credit 0 ... View the full answer