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Please show whole sheet Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year, follows: Epicenter Laundry
Please show whole sheet
Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2016 ACCOUNT TITLE DEBIT CREDIT Cash 11,000.00 Laundry Supplies 26,500.00 Prepaid Insurance 9,600.00 Laundry Equipment 2.32,600.00 Accumulated Depreciation 125,400.00 6 Accounts Payable 11.800.00 Common Stock 40,000.00 Retained Earnings 65,600.00 Retained Earnings 65,600.00 Dividends 5,000.00 237,200.00 125,200.00 10 Laundry Revenue 1. Wages Expense Rent Expense 15 Utilities Expense 14 Miscellaneous Expense 10,000.00 19.700.00 5.800.00 15 Totals 475,000.00 475,000.00 The data needed to determine year-end adjustments are as follows: A. Laundry supplies on hand at June 30 are $8,600 B. Insurance premiums expired during the year are 55,700 C. Depreciation of laundry equipment during the year is $6,500 D Wages accrued but not paid at June 30 are 51,100 Required: Note Download the spreadsheet on the accounts panel, saving the Excel file to your computer Be sure to save yow work in Excel. The spreadsheet input will not be included in your grade in CengageNOW on this problem 1. For each account Nisted in the unedjusted trial balance, enter the balance in a Taccount. Identify the balance as "Bal 2. Using the Excel spreadsheet downloaded from the Accounts panel, click the Work Sheet tab. Enter the unadjusted trial balance on the en or period work sheet and complete the work sheet. 3 a Journalze the adjusting entries on page 10 of the journal Adjusting entries are recorded on June 30 Refer to the Chart of Accounts for exact wording of account titles. Be sure to add a posting reference to the journal 3.1. Post the adjusting entries. In the accounts, identity the adjustments by "Add" and the new balances as "Ad Bal 4. Prepare an adjusted trial balance 5. Prepare an income statement for the year ended June 30, 2016. If a ner loss has been incurred, enter that amount as a negative number using a minus sign Be sure to complete the statement heading you will not need to enter colons() on the income statement. Refer to the Chart of Accounts for exact wording of account des Refer to the lists of Labels and Amount Descriptions for exact wording of the answer chaices for text entries other than account names 5 b. Propare a statement of stockholders' equity for the year ended June 30 206. During the year ended June 30, 2076, additional common stock or $7,500 was issued it e net loss is incurred or dividends were paid enter that amount as a negative number using a minus sign Be sure to complete the statement heading Refer to the Chart of Accounts for exact wording of accountitles Refer to the list of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. 5. c. Prepare a balance sheet as of June 30, 2016 Fixed assets must be entered in order according to account number Be sure to complete the statement heading you will not need to enter colons() on the balance sheet they will automatically insert where necessary Refer to the Chart or Accounts for exact wording of account titles. Refer to the lots of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign 6. Journalize the closing ontres on page 11 of the journal Refer to the Chart of Accounts for exact wording of accounts Be sure to add a posting reference to the journal (Note: Complete the adjusted trial balance, the income statement the statement of stockholders' equity, and the balance sheet BEFORE completing part 6.a) 6. a Journalize the closing entries on page 14 of the journal. Refer to the Chart of Accounts for exact wording of account titles. Be sure to add a posting reference to the journal (Note: Complete the adjusted trial balance, the come statement, the statement or stockholders equity, and the balance sheet BEFORE completing part 6. a) 6.b. Post the closing entries. In the accounts, identify the closing entries by Clos 7. Prepare a post-closing trial balance Step by Step Solution
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