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Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2019 Account Debit Credit Balances Balances Cash 13,100 Supplies 8,000 Prepaid Insurance 7,500 Equipment 113,000 Accumulated Depreciation- 12,000 Equipment No. 11 13 14 16 17 Trucks 18 90,000 19 Accumulated Depreciation-Trucks Accounts Payable 21 27,100 4,500 126,400 31 Jeanne McQuay, Capital Jeanne McQuay, Drawing 32 3,000 Service Revenue 41 155,000 51 72,000 Wages Expense Rent Expense 52 7,600 Truck Expense 53 5,350 Miscellaneous Expense 59 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: Journal PAGE 26 Date Account Post. Ref. Debit Credit a. Supplies Expense 55 5,150 Supplies 13 5,150 b. Insurance Expense 57 3,150 Prepaid Insurance 14 3,150 c. Depreciation Expense-Equipment 54 5,250 Accumulated Depreciation Equipment 17 5,250 d. Depreciation Expense-Trucks 56 4,000 Accumulated Depreciation-Trucks 19 4,000 e. Wages Expense 51 900 Wages Payable 22 900 Forhand Recessive Interiors Adjusted Trial Balance January 31, 2019 Debit Balances Credit Balances Cash 5,150 x Supplies 5,100 x Insurance Expense X Accounts Payable X 5. Prepare an income statement. Recessive Interiors Income Statement For the Year Ended January 31, 2019 Service revenue 155,000 Expenses: Wages expense 72,900 Rent expense 7,600 Truck expense 5,350 Depreciation expense-equipment 9,250 X Supplies expense 5,150 Depreciation expense-trucks 9,250 X Insurance expense 3,150 Miscellaneous expense 5,450 Total expenses 108,850 Net income 46,150 Prepare a Statement of Owner's Equity (no additional investments were made during the year.) Recessive Interiors Statement of Owner's Equity For the Year Ended January 31, 2019 Prepare a balance sheet. Recessive Interiors Balance Sheet January 31, 2019 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Owner's Equity Total property, plant, and equipment Total assets Total liabilities and owner's 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 Close expenses, revenues &income/loss Close drawing 7. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank. Recessive Interiors Post-Closing Trial Balance January 31, 2019 Debit Balances Credit Balances Totals