The unadjusted trial balance of Epicenter Laundry at June 30, 2019,

the end of the fiscal year, follows:

Epicenter Laundry

UNADJUSTED TRIAL BALANCE

June 30, 2019

ACCOUNT TITLE DEBIT CREDIT

1

Cash

11,000.00

2

Laundry Supplies

21,500.00

3

Prepaid Insurance

9,600.00

4

Laundry Equipment

232,600.00

5

Accumulated Depreciation

125,400.00

6

Accounts Payable

11,800.00

7

Sophie Perez, Capital

105,600.00

8

Sophie Perez, Drawing

10,000.00

9

Laundry Revenue

232,200.00

10

Wages Expense

125,200.00

11

Rent Expense

40,000.00

12

Utilities Expense

19,700.00

13

Miscellaneous Expense

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 sheet 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 entries. In the T 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 owners equity, and a

balance sheet.*

6.

a. Journalize the closing entries on page 11 of the journal.

b. Post the closing entries. In the T 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.