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Home / Questions / The trial balance for Game Time on July 31 is as follows:

The trial balance for Game Time on July 31 is as follows:

The trial balance for Game Time on July 31 is as follows:

Game Time
Trial Balance
July 31, 20--
Account Name Debit Credit
Cash 14213  
Supplies 746  
Prepaid Insurance 1598  
Equipment 19638  
Accumulated Depreciation, Equipment   4338
Repair Equipment 2580  
Accumulated Depreciation, Repair Equipment   1175
Accounts Payable   2770
B. Ryan, Capital   24449
B. Ryan, Drawing 3000  
Game Fees   10062
Concession Fees   4860
Wages Expense 1899  
Rent Expense 1635  
Utilities Expense 1129  
Repair Expense 1089  
Miscellaneous Expense 127  
  47654 47654

Data for month-end adjustments are as follows:

 

  1. Expired or used-up insurance, $824.
  2. Depreciation expense on equipment, $1230.
  3. Depreciation expense on repair equipment, $415.
  4. Wages accrued or earned since the last payday, $810 (owed and to be paid on the next payday).
  5. Supplies used, $365.

Required:

 

1. Complete a work sheet for the month. If no amount is required, enter 0.
Game Time
Work Sheet
For Month Ended July 31, 20--
                         
    TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET  
  ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT  
1 Cash                     1
2 Supplies                     2
3 Prepaid Insurance                     3
4 Equipment                     4
5 Accum. Depr., Equipment                     5
6 Repair Equipment                     6
7 Accum. Depr., Repair Equipment                     7
8 Accounts Payable                     8
9 B. Ryan, Capital                     9
10 B. Ryan, Drawing                     10
11 Game Fees                     11
12 Concession Fees                     12
13 Wages Expense                     13
14 Rent Expense                     14
15 Utilities Expense                     15
16 Repair Expense                     16
17 Miscellaneous Expense                     17
18                       18
19 Insurance Expense                     19
20 Depreciation Expense, Equipment                     20
21 Depreciation Expense, Repair Equipment                     21
22 Wages Payable                     22
23 Supplies Expense                     23
24                       24
25 Net Income                     25
26                       26
27                       27
28                       28
2. Journalize the adjusting entries. Journalize the adjustments in the order given in the question.

 

GENERAL JOURNAL  
DATE DESCRIPTION DOC. NO.   POST. REF. DEBIT CREDIT
20-- Adjusting Entries  
July. 31            
                  
     
July. 31            
                  
     
July. 31            
                  
     
July. 31            
                  
     
July. 31            
                  

 

3. Prepare an income statement.
Game Time
Income Statement
For Month Ended July 31, 20--
Revenue:    
  $  
     
Total Revenue   $
Expenses:    
  $  
     
     
     
     
     
     
     
     
Total Expenses    
Net Income   $
Prepare a statement of owner's equity. Assume that no additional investments were made during July. If an amount is zero, enter "0".
Game Time
Statement of Owner's Equity
For Month Ended July 31, 20--
    $
  $  
     
Subtotal $  
     
     
    $
Prepare a balance sheet.
Game Time
Balance Sheet
July 31, 20--
Assets
    $
     
     
  $  
     
  $  
     
Total Assets   $
Liabilities
  $  
     
Total Liabilities   $
Owner's Equity
     
Total Liabilities and Owner's Equity   $
 

Sep 18 2020 View more View Less

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