Chart of Accounts CHART OF ACCOUNTS Epicenter Laundry General Ledger ASSETS REVENUE 41 Laundry Revenue 11 Cash EXPENSES 13 Laundry Supplies 14 Prepaid Insurance 16 Laundry Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Wages Payable 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Sophie Perez, Capital 32 Sophie Perez, Drawing 33 Income Summary Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30, 2093 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Sophie Perez, capital, June 30, 2083 Sophie Perez, capital, July 1, 20Y2 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals TAccounts 1. For each account sted in the unadjusted trial balance, enter the balance in the appropriate account. Identify the balance as "Bal." 3.1. Post the adjusting entries. loentify the aqustments by "A" and the new balances as "Agj. Bal. 6.b. Post the closing entries in the Taccounts, Identify the closing entries by "Clos" (Be sure to add a posting reference to the journal) Cash (Acct. 11) Laundry Supplies (Acct. 13) Prepaid Insurance (Acct. 14) Laundry Equipment (Aoct. 16) Accumulated Depreciation (Acct. 17) Accounts Payable (Acct. 21) Wages Payable (Acct. 22) Sophile Perez, Capital (Acct. 31) Sophie Perez, Drawing (Acct. 32) Laundry Revenue (Acct. 41) Wages Expense Acct. 51) Rent Expense (Acct. 52) Utilities Expense (Acct. 53) Laundry Supplies Expense (Acct. 54) Depreciation Expense (Acct. 55) Insurance Expense (Acct. 56) Miscellaneous Expense (Acct 59) Work Sheet (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. Feedback Check My Work 2. Enter each account balance shown and extend the balances to the appropriate debit or credit columns in the unadjusted trial balance. Double-check to make sure that the totals of the debit and credit columns are equal. For the adjustments, enter them in the order in which the data are assembled (a-d). If the titles of the accounts to be adjusted do not appear in the unadjusted trial balance, add the accounts in their proper order in the Account Title column. As you complete the work sheet, remember that adjustments affect both an income statement account and a balance sheet account. Also total debit adjustments must equal the total credit adjustments. In addition, the adjusted trial balance debit and credit column totals must remain equal. The adjusted trial balance is entered by combining the adjustments with the unadjusted balances for each account. To calculate the new adjusted trial balance amounts, remember you add a beginning debit (credit) unadjusted amount to a debit (credit) adjustment to obtain the adjusted amount. However, if the unadjusted trial balance amount is a debit and the adjustment is a credit, you will subtract to obtain the adjusted amount. Likewise you will take the difference between credit unadjusted amount and a debit adjustment to obtain the adjusted amount. From the adjusted trial balance, extend the amounts into their respective income statement and balance sheet columns. Determine the difference between the two Income statement column totals which is the amount of the net income or the net loss for the period. This difference (net income or net loss) will also be the difference between the two Balance Sheet column totals. Journal Shaded cells have fee 3.a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. 6.a. Journalize the closing entries on page 11 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owner's equity, and the balance sheet BEFORE completing part 6. a.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. PAGE 10 PAGE 11 JOURNAL Score: 0/260 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 6 8 Chart of Accounts CHART OF ACCOUNTS Epicenter Laundry General Ledger ASSETS REVENUE 41 Laundry Revenue 11 Cash EXPENSES 13 Laundry Supplies 14 Prepaid Insurance 16 Laundry Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Wages Payable 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Sophie Perez, Capital 32 Sophie Perez, Drawing 33 Income Summary Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30, 2093 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Sophie Perez, capital, June 30, 2083 Sophie Perez, capital, July 1, 20Y2 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals TAccounts 1. For each account sted in the unadjusted trial balance, enter the balance in the appropriate account. Identify the balance as "Bal." 3.1. Post the adjusting entries. loentify the aqustments by "A" and the new balances as "Agj. Bal. 6.b. Post the closing entries in the Taccounts, Identify the closing entries by "Clos" (Be sure to add a posting reference to the journal) Cash (Acct. 11) Laundry Supplies (Acct. 13) Prepaid Insurance (Acct. 14) Laundry Equipment (Aoct. 16) Accumulated Depreciation (Acct. 17) Accounts Payable (Acct. 21) Wages Payable (Acct. 22) Sophile Perez, Capital (Acct. 31) Sophie Perez, Drawing (Acct. 32) Laundry Revenue (Acct. 41) Wages Expense Acct. 51) Rent Expense (Acct. 52) Utilities Expense (Acct. 53) Laundry Supplies Expense (Acct. 54) Depreciation Expense (Acct. 55) Insurance Expense (Acct. 56) Miscellaneous Expense (Acct 59) Work Sheet (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. Feedback Check My Work 2. Enter each account balance shown and extend the balances to the appropriate debit or credit columns in the unadjusted trial balance. Double-check to make sure that the totals of the debit and credit columns are equal. For the adjustments, enter them in the order in which the data are assembled (a-d). If the titles of the accounts to be adjusted do not appear in the unadjusted trial balance, add the accounts in their proper order in the Account Title column. As you complete the work sheet, remember that adjustments affect both an income statement account and a balance sheet account. Also total debit adjustments must equal the total credit adjustments. In addition, the adjusted trial balance debit and credit column totals must remain equal. The adjusted trial balance is entered by combining the adjustments with the unadjusted balances for each account. To calculate the new adjusted trial balance amounts, remember you add a beginning debit (credit) unadjusted amount to a debit (credit) adjustment to obtain the adjusted amount. However, if the unadjusted trial balance amount is a debit and the adjustment is a credit, you will subtract to obtain the adjusted amount. Likewise you will take the difference between credit unadjusted amount and a debit adjustment to obtain the adjusted amount. From the adjusted trial balance, extend the amounts into their respective income statement and balance sheet columns. Determine the difference between the two Income statement column totals which is the amount of the net income or the net loss for the period. This difference (net income or net loss) will also be the difference between the two Balance Sheet column totals. Journal Shaded cells have fee 3.a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. 6.a. Journalize the closing entries on page 11 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owner's equity, and the balance sheet BEFORE completing part 6. a.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. PAGE 10 PAGE 11 JOURNAL Score: 0/260 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 6 8