Following is the adjusted trial balance of Perfect Game Lanes for the year ended December 31, 20XX.

Question
Following is the adjusted trial balance of Perfect Game Lanes for the year ended December 31, 20XX.

Adjusted Trial Balance

($)

Debit Credit

Cash 1,575

Bowling supplies 590

Prepaid insurance 180

Bowling equipment 36,565

Accumulate depreciation, bowling equipment 13,515

Mortgage payable 10,000

Walter Hall, capital 14,025

Walter Hall, withdrawals 9,000

Bowling revenue 35,500

Salaries expense 13,970

Advertising expense 750

Equipment repairs 420

Rent expense 3,550

Utilities expense 1,135

Taxes expense 305

Interest expense 350

Bowling supplies expense 1,830

Insurance expense 395

Depreciation expense, bowling equipment 3,875

Salaries payable 315

Rent payable 1,150

Taxes payable 85

Prepaid interest 100

Totals 74,590 74,590

Required:

Using the adjusted trial balance prepare an income statement and balance sheet in good form.