Accounting Warren 26e

Chapter 4, Problems Series B

PR 4-3B

1. Prepare an income statement, a statement ol oer s eultg were made during the year), and a balance sheet 2. Journalize the entries that were required to close the accounts at October 31. 3. If the balance of Nicole Gorman, Capital had instead increased $115,000 after the ing entries were posted, and the withdrawals remained the same, what been the amount of net income or net loss? the clos would have would have PR 4-3B T accounts, adjusting entries, financial statements and closing entries; optional end-of-perilod spreadsheet 083.2.3 v 5. Net income: 527,350 The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fe cal year, follows La Mesa Laundry Unadjusted Trial Balance August 31, 2016 Debit Balances Cred Balances Cash Laundry Supplies 3,800 9,000 180.800 9200 Accumulated Depreciation Accounts Payable 7800 Bobbi 2400 5000 Bobbi Downey, Drawing Laundry Revence.... 35,800 43,200 16,000 3,000o.co Ublities Expense.... Miscellaneous Expense.. 400 n00 400.000 The data needed to determine year-end adjustments are as follows a. Wages accrued but not paid at August 31 are $2,200. b. Depreciation of equipment during the year is $8,150. c. Laundry supplies on hand at August 31 are $2,000. d. Insurance premiums expired during the year are $5.300 Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T accut ldentify the balance as "Aug. 31 Bal.- In addition, add T accounts for Wages Paylie. Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Incomr Summary 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsbed 3. Journalize and post the adjusting entries. Identify the adjustments by -Ad 4. Prepare an adjusted trial balance and complete the spreadsheet. Add the accounts listed in part () as needed new balances as "Adj. Bal. 5. Prepare an income statement, a statement of owner's equity (no addit were made during the year), and a balance sheet 6. Jounalize and pust the closing entries. Identify the cdosing entries by Clos 7 Prepare a post-closing trial balance