Ledger Accounts, Adjusting Entries, Financial Statements, and closing Entries; Uptional End-of-Period Spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2012, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 20Y2 Account Debit Credit Balances No. Balances Cash 13,100 Supplies Prepaid Insurance 8,000 7,500 113,000 Equipment Accumulated Depreciation- Equipment 12,000 90,000 27,100 Trucks Accumulated Depreciation-Trucks Accounts Payable Common Stock 4,500 30,000 96,400 Retained Earnings Dividends 3,000 Service Revenue 155,000 Wages Expense 72,000 Rent Expense 7,600 5,350 Truck Expense Miscellaneous Expense 5,450 325,000 325,000 The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; 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: a. Supplies on hand at January 31 are $2,850. b. Insurance premiums expired during the year are $3,150. c. Depreciation of equipment during the year is $5,250. d. Depreciation of trucks during the year is $4,000. e. Wages accrued but not paid at January 31 are $900. Required: 1. For each account listed in the unadjusted trial balance, notice that the balance has been entered in the appropriate general ledger account balance column in the spreadsheet. Posting to the general ledger will take place in step 3 and step 6. 2. (Optional) In the attached spreadsheet, enter the adjusting entries and complete the worksheet. 3. Journalize the adjusting entries on page 26 of the journal. Then post to the appropriate accounts in the general ledger in the attached spreadsheet, inserting balances in the accounts affected. If an amount box does not require an entry, leave it blank. Journal Account Post. Ref. Debit PAGE 26 Credit Date 20Y2 a. Jan. 31 Supplies 5,100 Supplies Expense 5,100 b. Jan. 31 Insurance Expense 7,500 Prepaid Insurance 7,500 c. Jan. 31 Depreciation Expense-Equipment 5,250 Accumulated Depreciation Equipment 5,250 d. Jan. 31 Depreciation Expense-Trucks 4,000 Accumulated Depreciation-Trucks 4,000 e. Jan. 31 Wages Expense 900 Wages Payable 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, 20Y2 Debit Balances Credit Balances Cash 13,100 Supplies 8,000 Prepaid Insurance 7,500 Equipment 113,000 Accumulated Depreciation Equipment 12,000 Trucks 90,000 Accumulated Depreciation-Trucks 27,100 Accounts Payable 4500 Wages Payable Common Stock Retained Earnings Accounts Payable Service Revenue Wages Expense Rent Expense Truck Expense Depreciation Expense-Equipment Supplies Expense Depreciation Expense-Trucks Insurance Expense Miscellaneous Expense 5. Prepare an income statement. dropdown Recessive Interiors Income Statement For the Year Ended January 31, 20Y2 Service revenue Expenses: Wages expense Rent expense Truck expense Depreciation expense-equipment Supplies expense Depreciation expense-trucks Insurance expense Miscellaneous expense Total expenses Net income Prepare a balance sheet. Recessive Interiors Balance Sheet January 31, 20Y2 Assets Current assets: Liabilities Current liabilities: Cash Supplies Prepaid insurance Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity dropdown Accumulated depreciation-equipment Accounts payable Trucks Accounts payable Retained earnings Total property, plant, and equipment Total stockholders' equity Total liabilities and stockholders' equity Total assets 6. Journalize the closing entries on page 27 of the journal. Then post to the general ledger in the attached spreadsheet. If an amount box does not require an entry, leave it blank. Journal Account Post. Ref. Debit Credit Date Dan. 31 Cash Wages Expense Rent Expense Truck Expense Depreciation Expense-Equipment Supplies Expense Depreciation Expense-Trucks Insurance Expense Miscellaneous Expense Dividends Jan. 31 Retained Earnings Service Revenue