Instructions: Prepare the balance sheet and income statement using the proper format. Be mindful of the correct headings for the financial statements.

Uncle Roy's Guitar Repair Shop Adjusted trial balance October 31, 20x1 Debit 10,050 8,950 4,000 1,000 5,450 4,825 1,525 700 1,400 37,900 Cash Accounts receivable Supplies Accounts payable Owner's equity Owner's drawings Service fees Supplies expense Advertising expense Rent expense Utilities expense Miscellaneous expense Totals Credit 4,450 6,000 27,450 37.900