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The accountant for E-Z Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts
The accountant for E-Z Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct.
Balances Balances Balances Balances Cash 6,350 6,350 Accounts Receivable 15,410 18,490 18,490 Laundry Supplies 3,080 4,530 Prepaid Insurance* 4,390 1,190 165, 130 160,050 Laundry Equipment Accumulated Depreciation-Laundry Equipment 40,600 40,600 Accounts Payable 8,130 8,130 1,020 Wages Payable Common Stock 55,000 55,000 Retained Earnings 38,400 38,400 Dividends 24,300 24,300 158,260 158,260 Laundry Revenue Wages Expense 41,660 41,660 Rent Expense 21,670 21,670 Utilities Expense 15,690 15,690 Depreciation Expense 5,080 Laundry Supplies Expense 1,450 Insurance Expense 670 Miscellaneous Expense 2,710 2,710 300,390 300,390 303,840 301,410 Debit Balances Credit Balance Cash Accounts Receivable Laundry Supplies Prepaid Insurance Laundry Equipment Accumulated Depreciation-Laundry Equipment Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Laundry Revenue Wages Expense Rent Expense Utilities Expense Depreciation Expense Laundry Supplies Expense Insurance Expense Miscellaneous Expense TotalsStep by Step Solution
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