The trial balance for Game Time on July 31 is as follows:
Â
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 during July
Answers
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Posted 10 Oct 2017 12:10 PM
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