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ET The trial balance of The Dickory Laundromat at July 31, 20x1, the end of the current year, is shown at the top of
ET The trial balance of The Dickory Laundromat at July 31, 20x1, the end of the current year, is shown at the top of the next page. The data needed to determine year-end ad- justments are as follows: a. Laundry supplies on hand at July 31 are $1,140. b. Insurance expired during the year is $1,500. C. Depreciation of equipment during the year is $6,000. d. Salaries incurred but not paid at July 31 are $1,100. Instructions 1. Journalise the adjusting entries. 2. Enter the trial balance on a ten-column work sheet and complete the work sheet. Add accounts as needed. 3. Prepare a statement of comprehensive income, and a statement of financial position (no additional investments were made during the year). 4. On the basis of the data in the work sheet, journalise the closing entries.
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