T accounts, adjusting entries, financial statements, and closing entries The unadjusted trial balance of La Mesa Laundry at August 31,20 Y5, the end of the fiscal year, follows: 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 48,150 . c. Laundry supplies on hand at August 31 are $2,000. d. Insurance premiums explred 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 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," The T accounts below are used to complete the posting requirements for part 3 and 6 . Prepaid Insurance \begin{tabular}{rr|r|} \hline Aug. 31Bal. & 6,000 & \\ \hline & & \\ \hline Laug. 31 Bal. & 180,800 & \end{tabular} Accumulated Depreciation \begin{tabular}{l|l|r|} \hline \multicolumn{4}{c|}{ Accumulated Depreciation } \\ \hline & Aug. 31 Bal. \\ \hline & & 49,200 \\ \hline \end{tabular} \begin{tabular}{l|lr} \hline \multicolumn{3}{c}{ Accounts Payable } \\ \hline & Aug. 31 Bal. & 7,800 \end{tabular} Common Stock \begin{tabular}{l|lr} \hline & Aug. 31 Bal. \\ & 15,000 \end{tabular} Retained Earnings Laundry Revenue Rent Expense Aug. 31 Bal. 43,200 Depreciation Expense \begin{tabular}{cc|c|} \hline Utilities Expense \\ \hline Aug. 31 Bal, & 16,000 & \end{tabular} Laundry Supplies Expense Insurance Expense \begin{tabular}{lr|r} \multicolumn{3}{c}{ Miscellaneous Expense } \\ \hline Aug. 31Bal, & 3,000 & \end{tabular} 4. Prepare an adjusted thial balance. List the accounts in order by type: Assets, tiabilities, Capital, Dividends, Revenue and Expenses. If a box does not require an entry, La Mesa Laundry Adjusted Trial Balance August 31, 20Y5 5. Prepare an income statement. Prepare a statement of stockholders' equity. During the year ended August 31,20Y5, common stock of $3,000 was issued. If a net loss is incurred or dividends were pald enter that amount as a negative number using a minus sign. La Mesa Laundry Statement of Stockholders' Equity Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total liabilities Stockholders' Equity 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 "Cos." Provide the ending balance for the Retained Eamings 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 blatk