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The trial balance and adjustment data of Myla’s Motors

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P4-24A Preparing a worksheet and the financial statements [40-50 min]
The trial balance and adjustment data of Myla’s Motors at November 30, 2012,
follow:

MYLA’S MOTORS
Trial Balance
November 30, 2012

cash 4,300
Accounts receivable 26,600
Supplies 500
Prepaid insurance 1,700

and so on ...

Additional data at November 30, 2012:

a. Depreciation on equipment, $1,100.
b. Accrued wage expense, $600.
c. Supplies on hand, $200.
d. Prepaid insurance expired during November, $200.
e. Unearned service revenue earned during November, $4,000.
f. 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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