complete myla rsquo s worksheet for november key adjusting entries by letter 559638

Preparing a worksheet and the financial statements

The trial balance and adjustment data of Myla’s Motors at November 30, 2012, follow:

MYLA’S MOTORS Trial Balance November 30, 2012

Balance

Account

Debit

Credit

Cash

$ 4,300

Accounts receivable

26,600

Supplies

500

Prepaid insurance

1,700

Equipment

53,500

Accumulated depreciation

$36,400

Accounts payable

13,400

Wages payable

Unearned service

8,000

Myla, capital

19,700

Myla, drawing

3,800

Service revenue

16,000

Depreciation expense

Wage expense

1,600

Insurance expense

Utilities expense

1,500

Supplies expense

Total

$93,500

$93,500

Additional data at November 30, 2012:

  1. Depreciation on equipment, $1,100.
  2. Accrued wage expense, $600.
  3. Supplies on hand, $200.
  4. Prepaid insurance expired during November, $200.
  5. Unearned service revenue earned during November, $4,000.
  6. Accrued service revenue, $800.

Requirements

1. Complete Myla’s worksheet for November. Key adjusting entries by letter.

2. Prepare the income statement, the statement of owner’s equity, and the classified balance sheet in account form for the month ended November 30, 2012.

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