Adjusting entries from trial balances Obj. 6 The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances.

Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant’s adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry.

Eva’s Laundry Trial Balances May 31, 20Y9 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500 7,500 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,250 23,250 Laundry Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,750 6,750 Prepaid Insurance* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,200 1,600 Laundry Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000 177,000 Accumulated Depreciation—Laundry Equipment . . . . 48,000 48,000 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 9,600 Wages Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 35,000 Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,300 75,300 Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,775 28,775 Laundry Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,100 182,100 Wages Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,200 49,200 Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,575 25,575 Utilities Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,500 18,500 Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000 Laundry Supplies Expense . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250 3,250 350,000 350,000 358,000 351,000 AppendixLO1