The trial balance of Lakeland Leisure Lanes, a bowling alley, as of October 31, is shown on the next page.

Data for month-end adjustments are as follows:

a. Inventory of supplies at October 31, $318.

b. Insurance expired during the month, $420.

c. Depreciation of bowling equipment for the month, $15,200.

d. Depreciation of furniture and fixtures for the month, $1,560.

e. Depreciation of building for the month, $2,840.

f. Wages accrued at October 31, $364.

Instructions 1. Complete the work sheet for the month.

2. Prepare an income statement, a statement of owner’s equity, and a balance sheet. Assume that no additional investments were made during October.

3. Journalize the adjusting entries.

Instructions for General Ledger Software 1. Journalize the adjusting entries in the general journal. (No work sheet is required on the computer.)
2. Post the adjusting entries.
3. Print an income statement, a statement of owner’s equity, and a balance sheet.
Assume no additional investments were made during the year.

Transcribed Image Text:

Cash Lakeland Leisure Lanes Trial Balance October 31, 19- ACCOUNT NAME Supplies Prepaid Insurance Land Building Accumulated Depreciation, Building Bowling Equipment Accumulated Depreciation, Bowling Equipment Furniture and Fixtures Accumulated Depreciation, Furniture and Fixtures Accounts Payable Mortgage Payable C. P. Cooke, Capital C. P. Cooke, Drawing Bowling Fees Income Concession Income Wages Expense Advertising Expense Repair Expense Utilities Expense Miscellaneous Expense DEBIT 285400 89600 65000 1900000 8280000 CREDIT 2400000 8872000 58 700 00 860000 428000 418000 5600000 35668 00 400000 427 21 00 614200 1580000 396000 227800 164000 49300 231 6 9 1 00 231 6 9 1 00