La Mesa Laundry

Unadjusted Trial Balance

August 31, 2019Debit BalancesCredit Balances

Cash3,800Laundry Supplies9,000Prepaid Insurance6,000Laundry Equipment180,800Accumulated Depreciation49,200Accounts Payable7,800Bobbi Downey, Capital95,000Bobbi Downey, Drawing2,400Laundry Revenue248,000Wages Expense135,800Rent Expense43,200Utilities Expense16,000Miscellaneous Expense3,000400,000400,000

The data needed to determine year-end adjustments are as follows:

1. Wages accrued but not paid at August 31 are $2,200.
2. Depreciation of equipment during the year is $8,150.
3. Laundry supplies on hand at August 31 are $2,000.
4. Insurance premiums expired during the year are $5,300.

Journalize the closing entries. For a compound transaction, if an amount box does not require an entry, leave it blank. Then post the entries to the T accounts in part 3 above.

DateAccountDebitCreditClose revenues, expenses

& income/loss

Laundry Revenue

Wages Expense

Rent Expense

Prepaid Insurance

Depreciation Expense

Laundry Supplies Expense

Insurance Expense

Miscellaneous Expense

Bobbi Downey, Capital

Bobbi Downey, Capital

Bobbi Downey, Drawing