The unadjusted trial balance of Best Laundry at March 31, 2008, the end of the current fiscal year, is shown below.

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

a. Wages accrued but not paid at March 31 are \(\$ 600\).

b. Depreciation of equipment during the year is \(\$ 2,900\).

c. Laundry supplies on hand at March 31 are \(\$ 950\).

d. Insurance premiums expired during the year are \(\$ 2,000\).
{Instructions}
1. For each account listed in the unadjusted trial balance, enter the balance in a \(\mathrm{T}\) account. Identify the balance as "Mar. 31. 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 (work sheet) 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 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.objs. 2,3

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Cash Laundry Supplies Prepaid Insurance Laundry Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings. Dividends Laundry Revenue Wages Expense Rent Expense Utilities Expense Miscellaneous Expense Best Laundry Unadjusted Trial Balance March 31, 2008 Debit Balances 1,450 3,750 Credit Balances 2,400 54,500 20,500 3,100 4,000 14,900 1,000 82,500 35,750 18,000 6,800 1,350 125,000 125,000