60.1K

Verified Solution

Link Copied!

213 Taccounts, adjusting entries,financial statements, and Obi 2, 3 of Epicenter Laundry at June s0, 2018, the end of the fiscal year. tional end-of-period spreadsheet elosing entries; opt Epicenter Laundry Trial Balam Cash Prepaid insurance, 125,400 11,800 Accounts Payable Common Stock Retained Earnings Dividends Laundry Revenue Wages Expense... Rent Expense 65,600 10,000 125,200 19,700 475,000 Ueiieies Expense 475,000 data needed to determine year-end adjustments are as follows: Laundry supplies on hand at June 30 are S3600. B) Insurance premiums expired during the year are $5,700. C Depreciation of laundry equipment during the year is $6,500. 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, De- preciation 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 () as needed. 3 Journalize and post the adjusting entries. Identify the adjustments by "Adj" and the new balances as "Adi. Bal. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by "Clos. 7. Prepare a post-closing trial balance

Answer & Explanation Solved by verified expert

See Answer