Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; End-of-Period Spreadsheet.

The unadjusted trial balance of Recessive Interiors at January 31, 2018, the end of the year, follows:

Recessive Interiors Unadjusted Trial Balance January 31, 2018
		Debit Balances		Credit Balances
11	Cash	13,100
13	Supplies	8,000
14	Prepaid Insurance	7,500
16	Equipment	113,000
17	Accumulated DepreciationEquipment			12,000
18	Trucks	90,000
19	Accumulated DepreciationTrucks			27,100
21	Accounts Payable			4,500
31	Common Stock			30,000
32	Retained Earnings			96,400
33	Dividends	3,000
41	Service Revenue			155,000
51	Wages Expense	72,000
52	Rent Expense	7,600
53	Truck Expense	5,350
59	Miscellaneous Expense	5,450
		325,000		325,000

The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 34; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57.

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

Supplies on hand at January 31 are $2,850.

Insurance premiums expired during the year are $3,150.

Depreciation of equipment during the year is $5,250.

Depreciation of trucks during the year is $4,000.

Wages accrued but not paid at January 31 are $900.

4. Prepare an adjusted trial balance. List the accounts in order by type: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If an amount box does not require an entry, leave it blank.

Recessive Interiors Adjusted Trial Balance January 31, 2018
	Debit Balances	Credit Balances

5. Prepare an income statement.

Recessive Interiors Income Statement For the Year Ended January 31, 2018
Expenses:
Total expenses		$
		$

Prepare a retained earnings statement.

Recessive Interiors Retained Earnings Statement For the Year Ended January 31, 2018
		$

Prepare a balance sheet.

Recessive Interiors Balance Sheet January 31, 2018
Assets				Liabilities
Current assets:				Current liabilities:
				Total liabilities
Total current assets
Property, plant and equipment:				Stockholders' Equity
Total property, plant and equipment				Total stockholders' equity
Total assets			$	Total liabilities and stockholders' equity		$

6. Journalize the closing entries on page 27 of the journal. Then post to the general ledger in the attached spreadsheet. For a compound transaction, if an amount box does not require an entry, leave it blank.

Journal				PAGE 27
Date	Account	Post. Ref.	Debit	Credit
Jan. 31. Close revenues
Jan. 31. Close expenses
Jan. 31 Close income/loss
Jan. 31. Close dividends

7. Prepare a post-closing trial balance. List the accounts in order by type: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If an amount box does not require an entry, leave it blank.

Recessive Interiors Post-Closing Trial Balance January 31, 2018
	Debit Balances	Credit Balances