Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 26,500.00 9,600.00 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment 5. Accumulated Depreciation 232,600.00 125,400.00 6 Accounts Payable 11.800.00 7 Common Stock 40,000.00 Retained Earnings 65,600.00 9 Dividends 5,000.00 232.200.00 125,200.00 10 Laundry Revenue 11 Wages Expense 12 Rent Expense 15 Utilities Expense 14 Miscellaneous Expense 40,000.00 19.700.00 5,400.00 15 Totals 475,000.00 475,000.00 ME JOURNAL Score 0/200 ACCOUNTING EQUATION POST DESCRIPTION Adjusting series DER How does scadine workt Score: 65/75 Epicenter Laundry ADJUSTED TRIAL BALANCE June 10, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 8,600,00 1 2 3,900.00 232,600.00 3 131,900.00 11.800,00 1,100.00 40,000.00 65,600.00 ? Laundry Supplies Prepaid Insurance Laundry Equipment > Accumulated Depreciation Accounts Payable 7 Wages Payable Common Stock Retained Earnings 10 Dividends 11 Laundry Revenue 12 Wages Expense 11 Rent Expense 14 Utilities Expense 15 Laundry Supplies Expense 16 Depreciation Expense 11 Insurance Expense Miscellaneous Expense 5,000.00 232,200.00 40.000,00 19,700.00 6,500.00 5.700.00 5.400.00 15 Totals 482,600.00 Epicenter Laundry Score: 2/95 Income Statement For the Year Ended June 30, 2046 1 Net income 2 (Label) 5 . 7 2 9 10 11 Score: 29/80 Epicenter Laundry Statement of Stockholders' Equity For the Year Ended June 30, 2046 Common Stock Retained Earnings Total 2 Balances July 1, 2015 Net income Dividends 5 Balances, june 30, 2016 Score: 75/130 Epicenter Laundry Balance Sheet June 30, 2046 Assets I Current assets: 3 Cash 6 10 Prepaid insurance 5 Laundry supplies Total current assets 7 Property, plant, and equipment * Laundry equipment Accumulated depreciation Total property, plant, and equipment 11 Total assets Liabilities 1 Current liabilities: 1 Accounts payable 15 Wages payable Total liabilities Stockholders' Equity 17 10 Common stock 19 Retained earnings 20 Total stockholders equity 71 Total liabilities and stockholders' equity How does grading work? Score: 8/39 Epicenter Laundry POST-CLOSING TRIAL BALANCE June 30, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 8,600.00 9 10 11 ? Laundry Supplies 3 Prepaid Insurance * Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable Common Stock Retained Earnings 13 34 15 16 Totals The data needed to determine year-end adjustments are as follows: A Laundry supplies on hand at June 30 are $8,600. 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
