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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. Journalize the adjusting entries. Journalize the adjustments in the order given in the question. GENERAL JOURNAL   DATE DESCRIPTION   POST. REF. DEBIT CREDIT 20-- Adjusting Entries   July. 31       fill in the blank 75ddfffa6f9cfe2_2                   fill in the blank 75ddfffa6f9cfe2_4       July. 31       fill in the blank 75ddfffa6f9cfe2_6                   fill in the blank 75ddfffa6f9cfe2_8       July. 31       fill in the blank 75ddfffa6f9cfe2_10                   fill in the blank 75ddfffa6f9cfe2_12       July. 31       fill in the blank 75ddfffa6f9cfe2_14                   fill in the blank 75ddfffa6f9cfe2_16       July. 31       fill in the blank 75ddfffa6f9cfe2_18                   fill in the blank 75ddfffa6f9cfe2_20   Question Content Area 3. Prepare an income statement. Game TimeIncome StatementFor Month Ended July 31, 20-- Revenue:       $- Select -     - Select -   Total Revenue   $fill in the blank 26103205f000f92_5 Expenses:       $- Select -     - Select -     - Select -     - Select -     - Select -     - Select -     - Select -     - Select -     - Select -   Total Expenses   fill in the blank 26103205f000f92_24 Net Income   $fill in the blank 26103205f000f92_25   Question Content Area Prepare a statement of owner's equity. Assume that no additional investments were made during July. If an amount is zero, enter "0". Game TimeStatement of Owner's EquityFor Month Ended July 31, 20--     $- Select -   $- Select -     - Select -   Subtotal $fill in the blank 2030bc0a9007f85_7     - Select -       - Select -     $- Select -   Question Content Area Prepare a balance sheet. Game TimeJuly 31, 20-- Assets     $- Select -     - Select -     - Select -   $- Select -     - Select - - Select -   $- Select -     - Select - - Select - Total Assets   $fill in the blank e867cd010f86fc0_17 Liabilities   $- Select -     - Select -   Total Liabilities   $fill in the blank e867cd010f86fc0_22 Owner's Equity     - Select - Total Liabilities and Owner's Equity   $fill in the blank e867cd010f86fc0_25

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. Journalize the adjusting entries. Journalize the adjustments in the order given in the question. GENERAL JOURNAL   DATE DESCRIPTION   POST. REF. DEBIT CREDIT 20-- Adjusting Entries   July. 31       fill in the blank 75ddfffa6f9cfe2_2                   fill in the blank 75ddfffa6f9cfe2_4       July. 31       fill in the blank 75ddfffa6f9cfe2_6                   fill in the blank 75ddfffa6f9cfe2_8       July. 31       fill in the blank 75ddfffa6f9cfe2_10                   fill in the blank 75ddfffa6f9cfe2_12       July. 31       fill in the blank 75ddfffa6f9cfe2_14                   fill in the blank 75ddfffa6f9cfe2_16       July. 31       fill in the blank 75ddfffa6f9cfe2_18                   fill in the blank 75ddfffa6f9cfe2_20   Question Content Area 3. Prepare an income statement. Game TimeIncome StatementFor Month Ended July 31, 20-- Revenue:       $- Select -     - Select -   Total Revenue   $fill in the blank 26103205f000f92_5 Expenses:       $- Select -     - Select -     - Select -     - Select -     - Select -     - Select -     - Select -     - Select -     - Select -   Total Expenses   fill in the blank 26103205f000f92_24 Net Income   $fill in the blank 26103205f000f92_25   Question Content Area Prepare a statement of owner's equity. Assume that no additional investments were made during July. If an amount is zero, enter "0". Game TimeStatement of Owner's EquityFor Month Ended July 31, 20--     $- Select -   $- Select -     - Select -   Subtotal $fill in the blank 2030bc0a9007f85_7     - Select -       - Select -     $- Select -   Question Content Area Prepare a balance sheet. Game TimeJuly 31, 20-- Assets     $- Select -     - Select -     - Select -   $- Select -     - Select - - Select -   $- Select -     - Select - - Select - Total Assets   $fill in the blank e867cd010f86fc0_17 Liabilities   $- Select -     - Select -   Total Liabilities   $fill in the blank e867cd010f86fc0_22 Owner's Equity     - Select - Total Liabilities and Owner's Equity   $fill in the blank e867cd010f86fc0_25

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries
Section: Chapter Questions
Problem 2AP
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Question

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:

  1. Expired or used-up insurance, $480.
  2. Depreciation expense on equipment, $850.
  3. Depreciation expense on repair equipment, $120.
  4. Wages accrued or earned since the last payday, $525 (owed and to be paid on the next payday).
  5. Supplies used, $70.
Journalize the adjusting entries. Journalize the adjustments in the order given in the question.
GENERAL JOURNAL  
DATE DESCRIPTION   POST. REF. DEBIT CREDIT
20-- Adjusting Entries  
July. 31
 
     fill in the blank 75ddfffa6f9cfe2_2  
       
 
       fill in the blank 75ddfffa6f9cfe2_4
     
July. 31
 
     fill in the blank 75ddfffa6f9cfe2_6  
       
 
       fill in the blank 75ddfffa6f9cfe2_8
     
July. 31
 
     fill in the blank 75ddfffa6f9cfe2_10  
       
 
       fill in the blank 75ddfffa6f9cfe2_12
     
July. 31
 
     fill in the blank 75ddfffa6f9cfe2_14  
       
 
       fill in the blank 75ddfffa6f9cfe2_16
     
July. 31
 
     fill in the blank 75ddfffa6f9cfe2_18  
       
 
       fill in the blank 75ddfffa6f9cfe2_20
 

Question Content Area

3. Prepare an income statement.
Game TimeIncome StatementFor Month Ended July 31, 20--
Revenue:    
 
 $- Select -  
 
 - Select -  
Total Revenue   $fill in the blank 26103205f000f92_5
Expenses:    
 
 $- Select -  
 
 - Select -  
 
 - Select -  
 
 - Select -  
 
 - Select -  
 
 - Select -  
 
 - Select -  
 
 - Select -  
 
 - Select -  
Total Expenses   fill in the blank 26103205f000f92_24
Net Income   $fill in the blank 26103205f000f92_25
 

Question Content Area

Prepare a statement of owner's equity. Assume that no additional investments were made during July. If an amount is zero, enter "0".
Game TimeStatement of Owner's EquityFor Month Ended July 31, 20--
 
   $- Select -
 
 $- Select -  
 
 - Select -  
Subtotal $fill in the blank 2030bc0a9007f85_7  
 
 - Select -  
 
   - Select -
 
   $- Select -
 

Question Content Area

Prepare a balance sheet.
Game TimeJuly 31, 20--
Assets
 
   $- Select -
 
   - Select -
 
   - Select -
 
 $- Select -  
 
 - Select - - Select -
 
 $- Select -  
 
 - Select - - Select -
Total Assets   $fill in the blank e867cd010f86fc0_17
Liabilities
 
 $- Select -  
 
 - Select -  
Total Liabilities   $fill in the blank e867cd010f86fc0_22
Owner's Equity
 
   - Select -
Total Liabilities and Owner's Equity   $fill in the blank e867cd010f86fc0_25
 
 
  1.  
 
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