T Accounts, Adjusting Entries, Financial Statements, and Closing Entries: opticra end-of-perlod spreadsheet The unadjusted trial balance of La Mesa Laundry at August 31, 2045, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31, 2015 Debit Credit Balances Balances Cash 3,800 Laundry Supplies 9,000 Prepaid Insurance 6,000 Laundry Equipment 180,000 Acumulated 49.200 16,000 Rocourts Payable 7,000 Bobbi Downey, Capital 95,000 Bobbi Downey 2,400 Drawing Laundry Revenus 248,000 Visgas Expense 135,800 Rent Expense 43,200 uties Expanse Miscellaneous Expense 3,000 400,000 400,000 The data needed to determine year and adjustments are as follows: Vegesacruel but not paidat August 31 de $2,200 b. Depreciation of equipment during the years $3,150. Insurance premiums wared during the year are $5.300 Required: 1. The beginning account balances from the unsdjusted trial balance, as of August 31st, have been entered in the Taccounts in part 2 below. The Taccounts will be used in parts 3 and 6. 2. (Optional) Enter the unadjusted trial balance on an end of period spreadsheet and complete the spreadsheet. 3. loumalize the adjusting entries. Then, post the entries in the Taccounts below. Adjustments are identified by "Adj.', the new balances as "Adj. Bal." and closing entries as "Co." l'an amount hox does not require an entry, leave it blank. Date Account Debit Credit ja Wagas Expenser Wag Payable 1. Depreciation Expense Accumulated Depreciation II II III II II II II C. Laundry Supplies Expense Laundry Supplies y c. Insurance Expo Prepaid Insurance The accounts below are used to complete the posting requirements for part 3 and 6. Cash Aug. 31 Ral 3,800 Laundry Supplies Aug, 1 Bal. 9.000 Aug 31 Adj, Aug. 31 Adj. Bal. Prepaid Insurance Aug. 31 BA 6.000 Aug. 31 Adj. Aug. 31 Adj. Bal. Laundry Equipment 190,800 Aug. 31 Bal 49.200 Accumulated Depreciation Aug 31 Hel Aug. 31 Adj. Aug, 31 Adj. Bal. Accounts Payable Aug 31 Bai. 7,800 Wages Payable Aug. 31 Adj. Aug. 31 Clos 95.000 Bobbl Downey, Capital Aug 31 Aug 31 Clos. Aug. 31 Bal. Aug 31 Dal Bobbi Downey, Drawing 2,40 Aug. 31 Clos. Laundry Revenue Aug. 31 Clos Aug. 31 Bal 248.000 Wages Expense Aug. 31 Bal. 135,800 Aug. 31 Clos. Aug. 31 Adj. Aug. 31 Adj. Bal. Rent Expense 43,200 Aug. 31 Clos. Aug. 31 Bal. Utilities Expense 16,000 Aug. 31 Clos. Aug. 31 Bal. Depreciation Expense Aug. 31 Adj. Aug. 31 Clos. Laundry Supplies Expense Aug. 31 Adj. Aug. 31 Clos. Insurance Expense Aug. 31 Clos. Aug. 31 Adj. Miscellaneous Expense 3,000 Aug. 31 Clos. Aug. 31 Bal. 4. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Credit La Mesa Laundry Adjusted Trial Balance August 31, 2015 Debit Balances Balances Cash Laundry Supplies Prepaid Insurance Laundry Equipment Accumulated Depreciation Accounts Payable Waga Payable Bobbi Downey, Capital Bobbi Downey, Drawing Laundry Revenue Wages Expense Rent Expense Utilities Expense Depreciation Expenser Laundry Supplies Expense v Insurance Expense v Miscos Expense 5. Prepare an Income statement. La Mesa Laundry Income Statement For the Year Ended August 31, 2015 Laundry revenue y Expense : Waga pune Runt expen Utilities expenser Depreciation expense v Laundry supplies expense Insurance expense Miscellaneous expense Total Experses Nat income Prepare a statement of owner's equity (no additional Investments were made during the year). La Mesa Laundry Statement of Owner's Equity For the Year Ended August 31, 2015 Bobbi Downay, capital, September 1, 2014 Not income for the year Withdrawals Increase in owner's equity Bobbl Downey, capital, August 31, 2015 Prepare a balance shoot. La Mesa Laundry Balance Sheet August 31, 2015 Liabilities Current assets: Current liabilities: Cash Accounts payable Laundry supplies Wages payable Prepaid Insurance Tatal liabilities Total current assets Froperty, plant and equipment: Owner's Equity Laundry equipment Bobbi Downey, capital Less accumulated depreciation Total property, plant, and equipment Total assets Total ilabilities and owner's equity 6. Journalize the desing entries. It an amount box does not require an entry, Icave It blank. Then post the entries to the account in part 3 above. Arraunt Debit Crudil Datu Close revenues, expenses Incore/less Laundry Revenue v Wages Expense Rent Expense w Utilities Expense Depreciation Expense Laundry Supplies Expense v Insurance Expense v Miscellaneous Expanse Bobbi Downey, Capital Close drawing Bobbi Downey, Capital Bobbi Downey, Drawing 7. Prepare a post-closing trial balance. If an amount box does not require an entry, leave it blank. La Mesa Laundry Post-Closing Trial Balance August 31, 2015 Debit Balances Credit Balances Cash Laundry Supplies Prepaid Insurance Laundry Equipment Accumulated Depreciation Accounts Payable Wages Payable Bobbi Downey, Capital