Epicenter Laundry Unadjusted Trial Balance June 30, 20Y3 Debit Balances Credit Balances Cash.. . Laundry Supplies... Prepald Insurance... Laundry Equipment.. Accumulated Depreclation.. Accounts Payable... Sophle Perez, Capital... Sophie Perez, Drawing.. Laundry Revenue.... 11,000 21,500 9,600 232,600 125,400 11,800 105,600 10,000 232,200 Wages Expense... Rent Expense.... Utilities Expense.... Miscellaneous Expense.. 125,200 40,000 19,700 5,400 475,000 475,000

Question
  1. Laundry supplies on hand at June 30 are $3,600.
  2. Insurance premiums expired during the year are $5,700.
  3. Depreciation of laundry equipment during the year is $6,500.
  4. Wages accrued but not paid at June 30 are $1,100.

Instructions

  1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as “June 30 Bal.” In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, and Insurance Expense.
  2. Journalize and post the adjusting entries. Identify the adjustments as “Adj.” and the new balances as “Adj. Bal.”
  3. Prepare an adjusted trial balance.
  4. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
  5. Journalize and post the closing entries. Identify the closing entries as “Clos.”
  6. Prepare a post-closing trial balance.
Epicenter Laundry
Unadjusted Trial Balance
June 30, 20Y3
Debit
Balances
Credit
Balances
Cash.. .
Laundry Supplies...
Prepald Insurance...
Laundry Equipment..
Accumulated Depreclation..
Accounts Payable...
Sophle Perez, Capital...
Sophie Perez, Drawing..
Laundry Revenue....
11,000
21,500
9,600
232,600
125,400
11,800
105,600
10,000
232,200
Wages Expense...
Rent Expense....
Utilities Expense....
Miscellaneous Expense..
125,200
40,000
19,700
5,400
475,000
475,000
Expand
Transcribed Image Text

Epicenter Laundry Unadjusted Trial Balance June 30, 20Y3 Debit Balances Credit Balances Cash.. . Laundry Supplies... Prepald Insurance... Laundry Equipment.. Accumulated Depreclation.. Accounts Payable... Sophle Perez, Capital... Sophie Perez, Drawing.. Laundry Revenue.... 11,000 21,500 9,600 232,600 125,400 11,800 105,600 10,000 232,200 Wages Expense... Rent Expense.... Utilities Expense.... Miscellaneous Expense.. 125,200 40,000 19,700 5,400 475,000 475,000

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