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The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: a. Laundry supplies on hand at June 30 are $3,600. b. Insurance premiums expired during the year are $5,700. c. Depreciation of laundry equipment during the year is $6,500. d. 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, Insurance Expense, and Income Summary. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by “Adj.” and the new balances as “Adj. Bal.” 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by “Clos.” 7. Prepare a post-closing trial balance.

BuyFind

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436
BuyFind

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436

Solutions

Chapter
Section
Chapter 4, Problem 3PA
Textbook Problem

The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year, follows:

Chapter 4, Problem 3PA, The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year,

The data needed to determine year-end adjustments are as follows:

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

Instructions

  1. 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, Insurance Expense, and Income Summary.
  2. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed.
  3. 3. Journalize and post the adjusting entries. Identify the adjustments by “Adj.” and the new balances as “Adj. Bal.”
  4. 4. Prepare an adjusted trial balance.
  5. 5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
  6. 6. Journalize and post the closing entries. Identify the closing entries by “Clos.”
  7. 7. Prepare a post-closing trial balance.

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