Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 20Y6 ACCOUNT TITLE DEBIT CREDIT Cash 11,000.00 2 Laundry Supplies 26,500.00 3 Prepaid Insurance 9,600.00 Laundry Equipment 232,600.00 5 Accumulated Depreciation 125,400.00 Accounts Payable 11,800.00 Common Stock 40,000.00 Retained Earnings 65,600.00 9 Dividends 5,000.00 10 Laundry Revenue 232,200.00 11 Wages Expense 125,200.00 12 Rent Expense 40,000.00 13 Utilities Expense 19,700.00 14 Miscellaneous Expense 5,400.00 15 Totals 475,000.00 475,000.00 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. CHART OF ACCOUNTS Epicenter Laundry General Ledger REVENUE 41 Laundry Revenue ASSETS 11 Cash 13 Laundry Supplies 14 Prepaid Insurance 17 Laundry Equipment 18 Accumulated Depreciation EXPENSES LIABILITIES 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense 21 Accounts Payable 22 Wages Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y6 June 30, 2046 Property, plant, and equipment Amount Descriptions Balances, July 1, 2045 Balances, June 30, 20Y6 Dividends Issued common stock Net income Net loss Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total stockholders' equity Journal 3. a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. Refer to the Chart of Accounts for exact wording of account titles. 6. a. Journalize the closing entries on page 11 of the journal. Refer to the Chart of Accounts for exact wording of account titles. Be sure to add a posting reference to the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of stockholders' equity, and the balance sheet BEFORE completing part 6. a.) PAGE 10 PAGE 11 JOURNAL ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Closing Entries Adjusted Trial Balance 4. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Epicenter Laundry ADJUSTED TRIAL BALANCE June 30, 20Y6 ACCOUNT TITLE DEBIT CREDIT Cash 2 Laundry Supplies Prepaid Insurance Laundry Equipment Accumulated Depreciation 6 Accounts Payable 7 Wages Payable Common Stock Retained Earnings 10 Dividends 11 Laundry Revenue 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Laundry Supplies Expense 16 Depreciation Expense 17 Insurance Expense 18 Miscellaneous Expense 19 Totals Income Statement 5. a. Prepare an income statement for the year ended June 30, 20Y6. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. You will not need to enter colons (-) on the income statement. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names Epicenter Laundry Income Statement (Label) 2 (Label) Statement of Stockholders' Equity 5. b. Prepare a statement of stockholders' equity for the year ended June 30, 20Y6. During the year ended June 30, 20Y6, additional common stock of $7,500 was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. Epicenter Laundry Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings 5. c. Prepare a balance sheet as of June 30, 2016. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons () on the balance sheet; they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Epicenter Laundry Balance Sheet (Label) Assets (Label) (Label) Liabilities (Label) Stockholders' Equity Post-closing Trial Balance 7. Prepare a post-closing trial balance. Epicenter Laundry POST-CLOSING TRIAL BALANCE June 30, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash Laundry Supplies Prepaid Insurance 4 Laundry Equipment Accumulated Depreciation Accounts Payable 7 Wages Payable 8 Common Stock 9 Retained Earnings 10 Totals