FINANCIAL STATEMENTS
1. Prepare an income statement.
2. Prepare a statement of owner's equity.
3. Prepare a balance sheet.
A work sheet for Megaffin's Repairs is shown below. No additional investments were made by the owner during the month.
Megaffin's RepairsWork SheetFor Month Ended January 31, 20--
Trial Balance
Adjustments
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash
3,673
3,673
3,673
Accounts Receivable
1,450
1,450
1,450
Supplies
700
300
400
400
Prepaid Insurance
900
230
670
670
Delivery Equipment
3,200
3,200
3,200
Accumulated Depreciation - Delivery Equipment
55
55
55
Accounts Payable
1,200
1,200
1,200
Wages Payable
400
400
400
Don Megaffin, Capital
8,000
8,000
8,000
Don Megaffin, Drawing
1,100
1,100
1,100
Repair Fees…