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

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

Game Time
Trial Balance
July 31, 20--
Account Name	Debit	Credit
Cash	14,721
Supplies	257
Prepaid Insurance	1,295
Equipment	17,642
Accumulated Depreciation, Equipment		2,287
Repair Equipment	1,265
Accumulated Depreciation, Repair Equipment		880
Accounts Payable		942
B. Ryan, Capital		23,871
B. Ryan, Drawing	2,000
Game Fees		7,954
Concession Fees		3,752
Wages Expense	1,068
Rent Expense	980
Utilities Expense	246
Repair Expense	180
Miscellaneous Expense	32
	39,686	39,686

Data for month-end adjustments are as follows:

Expired or used-up insurance, $480.
Depreciation expense on equipment, $850.
Depreciation expense on repair equipment, $120.
Wages accrued or earned since the last payday, $525 (owed and to be paid on the next payday).
Supplies used, $70.

Prepare a balance sheet.

Game Time
Balance Sheet
July 31, 20--
Assets
Cash		$
Supplies
Prepaid Insurance
Equipment	$
Less Accumulated Depreciation
Repair Equipment	$
Less Accumulated Depreciation
Total Assets		$
Liabilities
Accounts Payable	$
Wages Payable
Total Liabilities		$
Owner's Equity
B. Ryan, Capital
Total Liabilities and Owner's Equity		$

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--
B. Ryan, Capital, July 1, 20--		$
Investments during July	$
Net Income for July
Subtotal	$
Less Withdrawals for July
Increase in Capital
B. Ryan, Capital, July 31, 20--		$

Expert Solution

Game Time
Balance Sheet
July 31, 20--
Assets
Cash		$ 14,721
Supplies [257-70]		$ 187
Prepaid Insurance [1295-480]		$ 815
Total current assets			$ 15,723
Non-current assets:
Equipment	$ 17,642
Less: Accumulated Depreciation [2287+850]	$ -3,137	$ 14,505
Repair Equipment	$ 1,265
Less: Accumulated Depreciation [880+120]	$ -1,000	$ 265
Total non current assets			$ 14,770
Total Assets			$ 30,493
Liabilities & Owner's equity
Accounts Payable		$ 942
Wages Payable		$ 525
Total current liabilities			$ 1,467
Owner's Equity:
B. Ryan, Capital			$ 29,026
Total Liabilities and Owner's Equity			$ 30,493

Statement of Owner's Equity
For Month Ended July 31, 20--
B. Ryan, Capital, July 1, 20--		23871
Investments during July	$ -
Net Income for July	$ 7,155
Subtotal	$ 7,155
Less Withdrawals for July	$ 2,000
Increase in Capital		$ 5,155
B. Ryan, Capital, July 31, 20--		$ 29,026
WORK SHEET:
Income statement
Revenue:
Game fees	$ 7,954
Concession fees	$ 3,752
Total revenues		$ 11,706
Expenses:
Supplies expense	$ 70
Insurance expense	$ 480
Depreciation expense-Equipment	$ 850
Depreciation expense-Repair equipment	$ 120
Wages expense [1068+525]	$ 1,593
Rent expense	$ 980
Utilities expense	$ 246
Repair expense	$ 180
Miscellaneous expense	$ 32
Total expenses		$ 4,551
Net income		$ 7,155

ekkarill92 answered 2 years ago

Part I. The trial balance for Game Time on December 31 is as follows: Game Time...

Part I. The trial balance for Game Time on December 31 is as follows: Game Time Trial Balance December 31, 2019 Account Name Debit Credit Cash 8,721 Prepaid Insurance 1,295 Equipment 17,642 Accumulated Depreciation - Equipment 2,287 Repair Equipment 1,265 Accumulated Depreciation – Repair Equipment 880 Accounts Payable 942 B. Ryan, Capital 23,871 B. Ryan, Drawing 2,000 Game Fees 1,954 Concession Fees 3,752 Wages Expense 1,068 Rent Expense 980 Utilities Expense 246 Repair Expense 180 Supplies Expense 257 Miscellaneous Expense...

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance...

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance December 31, 2020 Acct. No. Account Debit Credit 100 Cash $18,000 $ 104 Accounts receivable 35,000 105 Allowance for doubtful accounts 1,775 106 Inventory 40,000 108 Prepaid insurance 2,400 150 Land 5,725 155 Building 100,000 156 Equipment 30,000 162 Accumulated depreciation 6,250 202 Accounts payable 37,500 204 Salaries payable 2,250 208 Deferred service revenue 1,000 210 Interest payable 250 240 Note payable 75,000 302...

4. Prepare an unadjusted trial balance as of July 31, 2019. PS Music UNADJUSTED TRIAL BALANCE...

4. Prepare an unadjusted trial balance as of July 31, 2019. PS Music UNADJUSTED TRIAL BALANCE July 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Office Equipment 6 Accounts Payable 7 Unearned Revenue 8 Peyton Smith, Capital 9 Peyton Smith, Drawing 10 Fees Earned 11 Wages Expense 12 Office Rent Expense 13 Equipment Rent Expense 14 Utilities Expense 15 Music Expense 16 Advertising Expense 17 Supplies Expense 18 Miscellaneous Expense 19...

The trial balance of Kingbird, Inc. on March 31, 2017, is as follows: Kingbird, Inc. Trial...

The trial balance of Kingbird, Inc. on March 31, 2017, is as follows: Kingbird, Inc. Trial Balance March 31, 2017 Debit Credit Cash $1,850 Accounts receivable 2,740 Supplies 645 Equipment 6,050 Accumulated depreciation—equipment $80 Accounts payable 1,035 Unearned revenue 460 Common shares 6,220 Retained earnings 1,670 Sales revenue 2,490 Salaries and wages expense 545 Miscellaneous expense 125 $11,955 $11,955 Additional information: 1. A physical count reveals only $540 of supplies on hand. 2. Equipment is depreciated at a rate of...

The adjusted trial balance for Cowboy Company follows: Cowboy Company Adjusted Trial Balance December 31, 2019...

The adjusted trial balance for Cowboy Company follows: Cowboy Company Adjusted Trial Balance December 31, 2019 ACCOUNT NAME DEBIT CREDIT Cash 101,100 Accounts Receivable 5,000 Prepaid Rent 2,200 Building 120,000 Accumulated Depreciation - Building 80,000 Accounts Payable 3,000 Salaries Payable 5,600 Interest Payable 4,500 Unearned Revenue 9,500 Notes Payable 50,000 Cowboy, Capital 70,000 Cowboy, Withdrawals 30,000 Fees Earned 115,000 Wages Expense 40,000 Rent Expense 26,400...

The trial balance of Weaver cleaners on Decembre 31 is as follows : Cash $ 21400,...

The trial balance of Weaver cleaners on Decembre 31 is as follows : Cash $ 21400, account receivable $4200, office supplies $2700, cleaning supplies $9800, prepaid insurance $3600, cleaning equipment $77000, acc. depreciation cleaning equipment $45000, office equipment $17000, acc.depreciation office equipment $6000, account payable $23900, A.Weaver, capital $57500, A. Weaver withdrawals $30000, dry cleaning revenues $81900, laundry revenues $23400, advertising expense $13900, salary expense $29400, rent expense $18000, utilities expenses $10200, miscellaneous $500. Total $237700. The trial balance includes...

The adjusted trial balance of Karise Repairs on December 31, 2017, follows.

The adjusted trial balance of Karise Repairs on December 31, 2017, follows. KARISE REPAIRSAdjusted Trial BalanceDecember 31, 2017 No. Account Title Debit Credit 101 Cash $ 113,000 124 Office supplies 1,800 128 Prepaid insurance 2,850 167 Equipment 54,000 168 Accumulated depreciation—Equipment $ 5,400 201 Accounts payable ...

The trial balance follows of the Larkspur, Inc. as at December 31. The books are closed...

The trial balance follows of the Larkspur, Inc. as at December 31. The books are closed annually on December 31. Larkspur, Inc. Trial Balance December 31 Debit Credit Cash $112,500 Accounts receivable 63,000 Allowance for doubtful accounts $8,850 Land 347,000 Buildings 582,000 Accumulated depreciation—buildings 38,000 Equipment 315,000 Accumulated depreciation—equipment 123,500 Prepaid insurance 10,000 Common shares 867,670 Retained earnings 151,000 Sales revenue 412,500 Rent revenue 44,880 Utilities expense 74,600 Salaries and wages expense 89,300 Repairs and maintenance expense 53,000 $1,646,400 $1,646,400...

The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment...

The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music ADJUSTED TRIAL BALANCE July 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 9,945.00 2 Accounts Receivable 4,150.00 3 Supplies 275.00 4 Prepaid Insurance 2,475.00 5 Office Equipment 7,500.00 6 Accumulated Depreciation-Office Equipment 50.00 7 Accounts Payable...

. The trial balance for Benner Hair Salon on March 31 is as follows: I NEED...

. The trial balance for Benner Hair Salon on March 31 is as follows: I NEED HELP WITH THE OWNERS EQUITY AND BALANCE SHEET Benner Hair Salon ADJUSTED TRIAL BALANCE March 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 4,440.00 2 Supplies 150.00 3 Prepaid Insurance 2,354.00 4 Equipment 10,507.00 5 Accumulated Depreciation, Equipment 1,000.00 6 Accounts Payable 240.00 7 A. Benner, Capital 13,449.00 8 A. Benner, Drawing 1,500.00 9 Salon Fees 6,230.00 10 Wages Expense 1,036.00 11 Rent Expense...

Question