T accounts, adjusting entries, financial statements, and closing entries

The unadjusted trial balance of La Mesa Laundry at August $31,20$Y$5,$ the end of the fiscal year, follows:

La Mesa Laundry

Unadjusted Trial Balance

August $31,20$Y$5$

Line Item Description Debit

Balances Credit

Balances

Cash $3,800$

Laundry Supplies $9,000$

Prepaid Insurance $6,000$

Laundry Equipment $180,800$

Accumulated Depreciation $49,200$

Accounts Payable $7,800$

Common Stock $15,000$

Retained Earnings $80,000$

Dividends $2,400$

Laundry Revenue $248,000$

Wages Expense $135,800$

Rent Expense $43,200$

Utilities Expense $16,000$

Miscellaneous Expense $3,000$

Total $400,000400,000$

The data needed to determine year$-$end adjustments are as follows:

Wages accrued but not paid at August $31$ are $$2,200.$

Depreciation of equipment during the year is $$8,150.$

Laundry supplies on hand at August $31$ are $$2,000.$

Insurance premiums expired during the year are $$5,300.$

Required:

$1.$ The following steps have already been done for you: Each account balance listed in the unadjusted trial balance has been entered into its T account below, with the identification $$Aug$.31$ Bal.$$ T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, and Insurance Expense have been added below.

$2.($Optional$)$ Enter the unadjusted trial balance on an end$-$of$-$period spreadsheet and complete the spreadsheet. Add the accounts listed in part $(1)$ as needed.

$3.$ Journalize and post the adjusting entries. Identify the adjustments by $$Adj$.$ and the new balances as $$Adj$.$ Bal.$$

$4.$ Prepare an adjusted trial balance. List the accounts in order by type: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If a box does not require an entry, leave it blank.

$5.$ Prepare an income statement.

Prepare a statement of stockholders$$ equity. During the year ended August $31,20$Y$5,$ common stock of $$3,000$ was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

$6.$ Journalize the closing entries. If a box does not require an entry, leave it blank. Then post the entries to the T accounts in part $3$ above. Identify the closing entries by "Clos." Provide the ending balance for the Retained Earnings account, and identify it by "Bal."

$7.$ Prepare a post$-$closing trial balance. List the accounts in order by type: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If a box does not require an entry, leave it blank.