Taccounts, adjusting entries, financial statements, and closing entries 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 6,000 180,800 Laundry Equipment Accumulated Depreciation Accounts Payable 49,200 7,800 Common Stock 15,000 80,000 2,400 Retained Earnings Dividends Laundry Revenue Wages Expense Rent Expense 248,000 135,800 43,200 Utilities Expense 16,000 Miscellaneous Expense 3,000 400,000 400,000 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 $8,150. c. Laundry supplies on hand at August 31 are $2,000. d. 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." Date Account Debit Credit 2. Aug. 31, 2045 Cash X 3,800 x b. Aug 31, 2015 Laundry Supplies X 9,000 X 700X 2,000 X C. Aug 31, 2015 Laundry Equipment 180,800 d. Aug. 31, 305 The T accounts below are used to complete the posting requirements for part 3 and 6. The T accounts below are used to complete the posting requirements for part 3 and 6. Cash Aug. 31 Bal. 3,800 Laundry Supplies Aug. 31 Bal. 9,000 Aug. 31 Bal. Prepaid Insurance 6,000 Aug. 31 Bal. Laundry Equipment 180,800 Accumulated Depreciation Aug. 31 Bal. 49,200 Accounting numeric field Accounts Payable Aug. 31 Bal. 7,800 Accounts Payable Aug. 31 Bal. 7,800 Wages Payable Common Stock Aug. 31 Bal. 15,000 Retained Earnings Aug. 31 Bal. 80,000 Aug. 31 Bal. Dividends 2,400 Laundry Revenue Aug. 31 Bal. 248,000 Wages Expense Aug. 31 Bal. 135,800 Aug. 31 Bal. 43,200 Aug. 31 Bal. Utilities Expense 16,000 Depreciation Expense Laundry Supplies Expense Insurance Expense Miscellaneous Expense 3,000 Aug. 31 Bal. August 31, 2015 Debit Balances Credit Balances La Mesa Laundry Income Statement For the Year Ended August 31, 2045 Expenses: Total expenses La Mesa Laundry Statement of Stockholders' Equity For the Year Ended August 31, 2015 Common Stock Retained Earnings Total I Prepare a balance sheet, La Mesa Laundry Balance Sheet August 31, 2015 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 6. Journalize the closing entries. If a box does not require an entry, leave it blank. Then post the entries to the accounts in part 3 a "Clos. Provide the ending balance for the Retained Earings account, and identify it by "Bal." Account Credit Aug. 31 Date Debit Aug. 31 7. Prepare a post-closing trial balance. List the amounts in der 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. La Mesa Laundry Post-Closing Trial Balance August 31, 2015 Debit Balances Credit Balances FR
