Adjustment Data - Adjustment data to update the trial balance: a. Insurance expired, $585 b. Repair supplies on hand, $3,100 c. Depreciation on repair equipment, $560 d. Wages earned but not yet paid, $205 Required 1. Complete a worksheet for Derek's Repair Service for the month of June. 2. Prepare an income statement for June, a statement of owner's equity for June, and a balance sheet as of June 30, 20XX. - X balance columns on the worksheet, and again, total the debit and credit columns. (If an input field is not used in the worksheet, leave the input field empty; do not select a label or enter a zero.) Derek's Repair Service Worksheet For the Month Ended June 30, 20XX Trial Balance Adjustments Adjusted Trial Balance Account Titles Debit Credit Debit Credit Debit Credit Cash $ 3,400 Prepaid Insurance Repair Supplies Repair Equipment 5,450 4,550 4,700 Accumulated Depreciation, Repair Equip. $ 1,500 Accounts Payable 4,830 D. Hues, Capital Revenue from Repairs Wages Expense Rent Expense Advertising Expense $ 21,480 $ 21,480 1,650 13,500 2,300 710 370 Advertising Expense 370 $ 21,480 $ 21,480 Insurance Expense Repair Supplies Expense Depreciation Expense, Repair Equip. Wages Payable Total Referring to the adjusted trial balance columns you prepared above, complete the income statement columns of the worksheet and total them. Remember to include the net income or loss after the totals, and then total the columns again. Next, complete the balance sheet columns of the worksheet. Remember to include the net income or loss after the totals, and then total the columns again. (If a box is not used in the worksheet, leave the box empty; do not enter a zero.) View the completed adjusted trial balance. Derek's Repair Service Worksheet For the Month Ended June 30, 20XX Income Statement Balance Sheet Account Titles Cash Prepaid Insurance Repair Supplies Repair Equipment Accumulated Depreciation, Repair Equip. Accounts Payable D. Hues, Capital Revenue from Repairs Wages Expense Rent Expense Debit Credit Debit Credit D. Hues, Capital Revenue from Repairs Wages Expense Rent Expense Advertising Expense Insurance Expense Repair Supplies Expense Depreciation Expense, Repair Equip. Wages Payable Total Net income Total Requirement 2. Prepare an income statement for June, a statement of owner's equity for June, and a balance sheet as of June 30, 20XX. Start by preparing the income statement. In this step, select the labels for the heading. Then, complete the remainder of the statement in the next step. (If an input field is not used in the worksheet, leave the input field empty; do not select a label or enter a zero.) View the completed worksheet. Revenue: Operating Expenses: Total Operating Expenses Net income Prepare a statement of owner's equity for June. In this step, select the labels for the heading. Then, complete the remainder of the statement in the next step. View the completed worksheet. Prepare the balance sheet. In this step, select the labels for the heading. Then, complete the rest of the balance sheet in the next step. (Abbreviations used: Acc. = Accumulated, Depr. = Depreciation, Equip. = Equipment.) View the completed worksheet. Assets Liabilities Total liabilities Owner's Equity Less: Total assets Total liabilities and owner's equity Unadjusted Trial Balance Derek's Repair Service Trial Balance - . This questic June 30, 20XX Account Titles Debit Credit Cash $ 3,400 Prepaid Insurance 5,450 Repair Supplies 4,550 Repair Equipment 4,700 umns. Then, eave the inp Accumulated Depreciation, Repair Equipment $ 1,500 Accounts Payable 4,830 D. Hues, Capital Revenue from Repairs Wages Expense Rent Expense Advertising Expense Total $ 21,480 $ 21,480 1,650 13,500 2,300 710 370