Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help I need the answers to all the parts Thanks PR 4.3B accounts, adjusting entries, financial statements, and closing optional end-of-period spreadsheet cal unadjusted

image text in transcribed
Please help
I need the answers to all the parts
Thanks
PR 4.3B accounts, adjusting entries, financial statements, and closing optional end-of-period spreadsheet cal unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the year, follows: La Mesa Laundry Unadjusted Trial Balance August 31, 2016 Credit Balances Bala Laundry Supplies Prepaid Insurance. Laundry Equipment 180,800 Accumulated Depreciation Accounts Payable Bobbi Downey, Capital Bobbi Downey, Drawing Laundry Revenue Wages Expense 248,000 Rent Expense. 135,800 Utilities Expense 43,200 Miscellaneous Expense. 200.000 100.000 The data needed to determine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are $2,200. b. Depreciation of equipment during the year is $8,150. c. Laundry supplies on hand at August 31 are $2,000. d. Insurance premiums expired during the year are $5,300. Instructions 1. For each account listed in the unadjusted trial balance enter the balance in a Taccount. Identify the balance as "Aug. Bal." In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry supplies Expense, Insurance Expense, and Income Summary 2. (optional) Enter the unadjusted trial balance on an end-of-period spreadsheet 3. and complete the spreadsheet. Add the accounts listed in Journalize and post the adjusting entries. Identify the adjustments by "Adi." and new balances as "Adj. Bal." Prepare an adjusted trial balance. Prepare an income statement, a statement of owner's equity (no additional investmen were made during the year), and a balance sheet. Journalize and post the closing entries. Identify the closing entries by -clos. Prepare a post-closing trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Financial Statements A Manager S Guide

Authors: David S. Murphy Ph.D. ,Ernest W. Murphy

1st Edition

1530688787, 978-1530688784

More Books

Students also viewed these Accounting questions