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T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, 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 $8,600. (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, and Insurance Expense. 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 stockholders’ equity, and a balance sheet. During the year ended June 30, 20Y6, additional common stock of $7,500 was issued. 6. Journalize and post the closing entries. Identify the closing entries by “Clos.” 7. Prepare a post-closing trial balance.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 4, Problem 3PA
Textbook Problem
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T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet

The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, the end of the fiscal year, follows:

Chapter 4, Problem 3PA, T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period

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

  1. (a) Laundry supplies on hand at June 30 are $8,600.
  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, and Insurance Expense.
  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 stockholders’ equity, and a balance sheet. During the year ended June 30, 20Y6, additional common stock of $7,500 was issued.
  6. 6. Journalize and post the closing entries. Identify the closing entries by “Clos.”
  7. 7. Prepare a post-closing trial balance.

1.

To determine

Prepare the T-accounts and identify the balance as of June 30.

Explanation of Solution

T-account:

T-account is the form of the ledger account, where the journal entries are posted to this account. It is referred to as the T-account, because the alignment of the components of the account resembles the capital letter ‘T’.

The components of the T-account are as follows:

a) The title of the account

2.

To determine

Enter the unadjusted trial balance on an end of period spreadsheet and complete the spread sheet.

3.

To determine

Prepare the adjusting entries and post the entries into the T-accounts.

4.

To determine

Prepare an adjusted trial balance.

5.

To determine

Prepare an income statement, a statement of stockholders’ equity and a balance sheet for the year ended June 30, 20Y6.

6.

To determine

Prepare the closing entries and post the closing entries into the T-accounts.

7.

To determine

Prepare a post-closing trial balance.

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Chapter 4 Solutions

Financial And Managerial Accounting
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