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4c. Please answer questions 1-7...Thank you :-) Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year,
4c.
Please answer questions 1-7...Thank you :-)
Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 2 Laundry Supplies 21,500.00 9,600.00 3 Prepaid Insurance 232,600.00 + Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 125,400.00 11,800.00 7 Sophie Perez, Capital 105,600.00 Instructions 10,000.00 232,200.00 8 Sophie Perez, Drawing 9 Laundry Revenue 10 Wages Expense 11 Rent Expense 12 Utilities Expense 125,200.00 40,000.00 19,700.00 13 Miscellaneous Expense 5,400.00 14 Totals 475,000.00 475,000.00 The data needed to determine year-end adjustments are as follows: Laundry supplies on hand at June 30 are $3,600 Insurance premiums expired during the year are $5,700. Depreciation of laundry equipment during the year is $6,500. Instructions Laundry supplies on hand at June 30 are $3,600. Insurance premiums expired during the year are 55,700 Depreciation of laundry equipment during the year is $6,500 Wages accrued but not paid at June 30 are $1,100. Required: 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Bal." 2. (Optional) on your own paper or spreadsheet, enter the unadjusted trial balance on an end- of-period work sheet and complete the work sheet. 3. a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. b. Post the adjusting entries. In the T accounts, identify the adjustments by "Adj." and the new balances as "Adj. Bal." (Be sure to add a posting reference to the journal.) 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity, and a balance sheet 6. a. Journalize the closing entries on page 11 of the journal. b. Post the closing entries. In the accounts, identify the closing entries by Clos." (Be sure to add a posting reference to the journal.) 7. Prepare a post-closing trial balance. *Be sure to read the instructions for each financial statement carefullyStep by Step Solution
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