Chapter 4 Completing the Accounting Cycle 213 PR 4-3A T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet Obj. 2, 3 Net income: The unadjusted trial balance of Epicenter Laundry at June 30, 2018, the end of the fiscal year $10,700 follows: Epicenter Laundry Unadjusted Trial Balance June 30, 2018 Credit Balances Debit Balances 11,000 21,500 9,600 232,600 ENERAL LEDGER Cash Laundry Supplies.... Prepaid Insurance. Laundry Equipment, . - Accumulated Depreciation Accounts Payable.... Common Stock Retained Earnings 125,400 11,800 40,000 1000065,600 232,200 Rent Expense. Utilities Expense Miscellaneous Expense 125,200 40,000 19,700 475,000 475,000 The data needed to determine year-end adjustments are as follows: (A) Laundry supplies on hand at June 30 are $3,600. (B) Insurance premiums expired during the year are $5,700. C) Depreciation of laundry equipment during the year is $6,500. (D) Wages accrued but not paid at June 30 are $1,100. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "June 30 Bal. In addition, add T accounts for Wages Payable, De- 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete 3. Journalize and post the adjusting entries. Identify the adjustments by "Adj" and the 4. Prepare an adjusted trial balance. orne preciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary the spreadsheet. Add the accounts listed in part (1) as needed. balances as "Adj. Bal." 5. Prepare an income statement, a retained earnings statement, and a bal Journalize and post the closing entries. Identify the closing entries by "Clos. sheet, ophiona 7. Prepare a post-closing trial balance. Waccounis