CHAPTER ASSIGNMENTS 212 LO 3, 4, 5, 6. Part 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions PROBLEM 4-4A The trial balance for Game Time on July 31 is as follows: QuickBooks Cash Game Time Trial Balance July 31, 20- Debit 14.721 Credi 257 1,295 Account Name 17,642 Supplies 2.287 1.265 Prepaid Insurance Equipment Repair Equipment Accumulated Depreciation, Equipment 880 Accounts Payable" Accumulated Depreciation, Repair Equipment 942 23.871 2,000 7954 B. Ryan, Capital 3.752 B. Ryan, Drawing 1,068 Game Fees Concession Fees Wages Expense Rent Expense Utilities Expense Repair Expense Miscellaneous Expense 980 246 180 32 39,686 39.686 Check Figure Net Income, $7,155 Data for month-end adjustments are as follows: a. Expired or used-up insurance, $480. b. Depreciation expense on equipment, $850. d. Wages accrued or earned since the last payday, $525 (owed and to be paid on the c. Depreciation expense on repair equipment, $120. next payday). e. Supplies used, $70. Required 1. Complete a work sheet for the month. (Skip this step if using QuickBooks or general ledger.) 2. Journalize the adjusting entries. 3. If using QuickBooks, prepare an adjusting journal entries report and an adjuste trial balance. 4. Prepare an income statement, a statement of owner's equity", and a balance she Assume that no additional investments were made during July. "If using QuickBooks, skip preparing the statement of owner's equity.