Instructions 1 Cash Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 20Y6 ACCOUNT TITLE DEBIT CREDIT 11,000.00 2 Laundry Supplies 3 Prepaid Insurance Laundry Equipment s Accumulated Depreciation 6 Accounts Payable 26,500.00 9,600.00 232,600.00 125,400.00 11,800.00 7 Common Stock 40,000.00 8 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 Instructions (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. Required: Note: Download the spreadsheet on the T Accounts panel, saving the Excel file to your computer. Be sure to save your work in Excel. The spreadsheet input will not be included in your grade in CengageNOW on this problem. 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Bal." 2. Using the Excel spreadsheet downloaded from the T Accounts panel, click the Work Sheet tab. Enter the unadjusted trial balance on the end- of-period work sheet and complete the work sheet. 3. a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. 3. b. Post the adjusting entries. In the T accounts, identify the adjustments by "Adj." and the new balances as "Adj. Bal." 4. Prepare an adjusted trial balance. 5. a. Prepare an income statement for the year ended June 30, 20Y6. 5. b. Prepare a statement of stockholders' equity for the year ended June 30, 2016. During the year ended June 30, 2016, additional common stock of $7,500 was issued 5. c. Prepare a balance sheet as of June 30, 20Y6. 6. a. Journalize the closing entries on page 11 of 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.) 6. b. Post the closing entries. In the T accounts, identify the closing entries by "Clos." 7. Prepare a post-closing trial balance. Chart of Accounts CHART OF ACCOUNTS Epicenter Laundry General Ledger ASSETS 11 Cash 13 Laundry Supplies 14 Prepaid Insurance 17 Laundry Equipment 18 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Wages Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Laundry Revenue EXPENSES 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense Labels and Amount Descriptions Labels Current assets. Current liabilities Expenses For the Year Ended June 30, 20Y6 June 30, 20Y6 Property, plant, and equipment Amount Descriptions Balances, July 1, 20Y5 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 General Joumal 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 stockholders' equity, and the balance sheet BEFORE completing part 6. a) General Journal Instructions DATE DESCRIPTION Adjusting Entries PAGE 10 PAGE 11 JOURNAL ACCOUNTING EQUATION POST REF DET CREDIT ASSETS LIABILITIES EQUITY Adjusted Trial Balance 1 Cash 2 Laundry Supplies 3 Prepaid Insurance Epicenter Laundry ADJUSTED TRIAL BALANCE June 30, 2016 ACCOUNT TITLE 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable 8 Common Stock 9 Retained Earnings 10 Dividends 11 Laundry Revenue 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Laundry Supplies Expense 16 Depreciation Expense DEBIT CREDIT Adjusted Trial Balance 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable 8 Common Stock 9 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, 2016. Income Statement Instructions 1 2 (Label) 3 5 6 7 8 Epicenter Laundry Income Statement (Label) I 10 11 Statement of Stockholders' Equity 5. b. Prepare a statement of stockholders' equity for the year ended June 30, 2016. During the year ended June 30, 2016, additional common stock of $7,500 w Statement of Stockholders' Equity Instructions 1 2 3 Epicenter Laundry Statement of Stockholders' Equity (Label) Retained Common Stock Total Earnings Balance Sheet 1 2 (Label) 3 Assets Epicenter Laundry Balance Sheet (Label) " 5 7 (Label) 9 10 11 12 13 (Label) 14 Liabilities 15 15 16 16 Stockholders' Equity Balance Sheet 4 S 7(Label) 8 9 10 10 11 12 22 13 (Label) 14 Liabilities 15 17 Stockholders' Equity 16 4 18 19 20 21 I Post-closing Trial Balance 7. Prepare a post-closing trial balance. 1 Cash 2 Laundry Supplies 3 Prepaid Insurance + Epicenter Laundry POST-CLOSING TRIAL BALANCE June 30, 20Y6 ACCOUNT TITLE 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable 8 Common Stock 9 Retained Earnings 10 Totals DEBIT CREDIT