The account balances of Jacobi Window-Washing Service as of December 31, the end of the fiscal year, are as follows:

Data for the adjustments:

a. Accrued wages, $192.

b. Inventory of cleaning supplies, $180.

c. Depreciation of cleaning equipment, $377.50.

d. Depreciation of truck, $570.
Instructions 1. Complete the work sheet.
2. Prepare an income statement.
3. Prepare a statement of owner’s equity, assuming that no additional invest¬
ments were made during the year.
4. Prepare a balance sheet.
5. Journalize the adjusting entries.
6. Journalize the closing entries with the four steps in the proper sequence.
Instructions for General Ledger Software 1. Print a trial balance.
2. Journalize the adjusting entries in the general journal and post to the general ledger. (No work sheet is required on the computer.)
3. Print an income statement, a statement of owner’s equity, and a balance sheet.
4. Journalize the closing entries in the general journal.
5. Post the closing entries.
6. Print a post-closing trial balance.

Transcribed Image Text:

Cash Accounts Receivable Cleaning Supplies $ 2,524.50 2,685.00 364.50 Cleaning Equipment 4,455.00 Accumulated Depreciation, Truck Cleaning Equipment Accounts Payable 2,790.00 6,762.50 Accumulated Depreciation, Truck 2,137.50 940.50 R. Jacobi, Capital 4,998.00 R. Jacobi, Drawing 14,400.00 Service Income 31,461.50 Wages Expense 9,630.00 Advertising Expense 396.00 Truck Operating Expense 622.50 Utilities Expense 330.00 Miscellaneous Expense 157.50