Taccounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Journal Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 20Y3, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2013 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 Laundry Supplies 21,500.00 Prepaid Insurance 9.600.00 252.600.00 125,400.00 11,800.00 105,500.00 Laundry Equipment Accumulated Depreciation Accounts Payable Sophie Perez, Capital Sophie Perez, Drawing Laundry Revenue 10 Wages Expense 11 Rent Expense 10,000.00 232,200.00 125.200.00 40,000.00 Check My Work 3 more Check My Work uses remaining Previ Email Instructor Save and Exit Submit A accounts, adjusting entries, Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Journal Instructions 40,000.00 11 Rent Expense 12 Utilities Expense 1 Miscellaneous Expense 19,700.00 5,400.00 14 Totals 475,000.00 475,000.00 The data needed to determine year-end adjustments are as follows: Laundry supplies on hand at June 30 are $3,600 Insurance premiums expired during the year are $5,700. Depreciation of laundry equipment during the year is $6,500 Wages accrued but not paid at June 30 are $1,100 . Required: 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Bal" 2 (Optional) on your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work shoot and complete the work sheet. 3. a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. b. Post the adjusting entrios. In the accounts, Identity the adjustments by "Ad." and the new balances as "Ad). Bal." (Be sure to add a posting reference to the journal) 4. Prepare an adjusted trial balance. mnining hd closing entries; optional end-of-period spreadsheet Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Journal Instructions The data needed to determine year-end adjustments are as follows: Laundry supplies on hand at June 30 are $3,600 Insurance premiums expired during the year are $5,700 Depreciation of laundry equipment during the year is $6,500 Wages accrued but not paid at June 30 are $1,100. Required: 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Bal." 2. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work shoe 3. a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. b. Post the adjusting entries. In the accounts, Identify the adjustments by "Adj," and the new balances as "Adj. Bal." (Be sure to add a posting reference to the journal.) 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity, and a balance shoot. 6. a. Journalize the closing entries on page 11 of the journal b. Post the closing entries. In the accounts, identify the closing entries by "Clos." (Be sure to add a posting reference to the journal) 7. Prepare a post-closing trial balance. "Be sure to read the instructions for each financial statement carefully Check My Work 3 more Check My Work uses remaining Instructions Chart of Accounts Labels and Amount Descriptions T Account Chart of Accounts CHART OF ACCOUNTS Epicenter Laundry General Ledger ASSETS REVENUE 11 Cash 41 Laundry Revenue 13 Laundry Supplies 14 Prepaid Insurance 16 Laundry Equipment 17 Accumulated Depreciation EXPENSES 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Wages Payable EQUITY 31 Sophie Perez, Capital 32 Sophie Perez, Drawing 33 Income Summary Check My Work 3 more Check My Work uses remaining, Instructions Chart of Accounts Labels and Amount Descriptions Labels and Amount Descriptions Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30, 20Y3 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Sophie Perez, capital, June 30, 20Y3 Sophie Perez, capital, July 1, 20Y2 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals Check My Work 3 more Check My Work uses remaining. Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Journal T Accounts 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate T account. Identify the balance as "Bal." 3.b. Post the adjusting entries. Identity the adjustments by "Adj." and the new balances as "Adj. Bal" 6.b. Post the closing entries. In the Taccounts, identify the closing entries by Clos." (Be sure to add a posting reference to the journal) Cash (Acct. 11) Laundry Supplies (Acct. 13) Prepaid Insurance (Acet. 14) Laundry Equipment (Acct. 16) Accumulated Depreciation (Acct. 17) Check My Work more Check My Work unes remaining Pr Email Instructor Save and Exit Subm Instructions Chart of Accounts Labels and Amount Descriptions TAccounts w T Accounts Accumulated Depreciation (Acct. 17) Accounts Payable (Acct. 21) Wages Payable (Acct. 22) Sophie Perez, Capital (Acct. 31) Sophie Perez, Drawing (Acct. 32) Laundry Revenue (Acct. 41) Check My Work 3 more Check My Work uses remaining. Book Print Item Instructions Chart of Accounts Labels and Amount Descriptions TAC T Accounts Laundry Revenue (Acct. 41) Wages Expense (Acct. 51) Rent Expense (Acct. 52) Utilities Expense (Acct. 53) Laundry Supplies Expense (Acct. 54) Depreciation Expense (Acct. 55) Check My Work 3 more Check My Work uses remaining. Rent Expense (Acct. 52) Utilities Expense (Acct. 53) Laundry Supplies Expense (Acct. 54) Depreciation Expense (Acct. 55) Insurance Expense (Acct. 56) Miscellaneous Expense (Acct. 59) Check My Work 3 more Check My Work uses remaining. Journal 3.a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30 6.0. Journalize the closing entries on page 11 of the journal (Note: Complete the adjusted trial balance, the income statement, the statement of owner's equity, and the balance sheet BEFORE completing part 6.a) Peter to the chart of accounts for the exact wording of the account thes. CNOW journals do not use lines for journal explanations. Every ine on a journal page is used for debit or credt entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 PAGE 1 JOURNAL ACCOUNTING EQUATION POST. REF DEBIT CREDIT ASSETS LIABUTIES DATE EQUITY DESCRPTION Adjusting Entries 1 Previous Check My Work more Check My Work tes remaining Next Email Instructor Save and it Submit Assignment for Gradin Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Adjusted Trial Balance ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment $ Accumulated Depreciation 6 Accounts Payable 7 Wages Payable # Sophie Perez, Capital 9 Sophie Perez, Drawing 10 Laundry Revenue 11 Wages Expense 12 Rent Expense 15 Utilities Expense * Laundry Supplies Expense 15 Depreciation Expense 1 Insurance Expense 11 Miscellaneous Expense 10 Totals Check My Work 3 more Check My Work uses remaining. EMT Instructions TAccounts Chart of Accounts Labels and Amount Descriptions Income Statement Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers example: Net loss should be negative. Expenses should be positive. You will not need to enter colons() on Epicenter Laundry Income Statement (Label) 2 (Label) 3 4 5 6 7 10 11 Check My Work 3 more Check My Work uses remaining, Statement of Owner's Equity 5. Prepare a statement of owner's equity for the year ended June 30, 2043. No additional investments were made during the year. Be the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which your minus sign. Epicenter Laundry Statement of Owner's Equity (Label) 1 Hem accounts, adjusting entries, financial statements, and closing entries; optional end-of-pe Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Post-closing Trial Balance 7. Prepare a post-closing trial balance. Epicenter Laundry POST-CLOSING TRIAL BALANCE June 30, 20Y3 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Laundry Supplies 3 Prepaid Insurance Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable Sophie Perez, Capital 9 Totals Check My Work 3 more Check My Work uses remaining