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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,

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.

CHART OF ACCOUNTSEpicenter LaundryGeneral Ledger

ASSETS
11 Cash
13 Laundry Supplies
14 Prepaid Insurance
16 Laundry Equipment
17 Accumulated Depreciation
LIABILITIES
21 Accounts Payable
22 Wages Payable
EQUITY
31 Sophie Perez, Capital
32 Sophie Perez, Drawing
33 Income Summary
REVENUE
41 Laundry Revenue
EXPENSES
51 Wages Expense
52 Rent Expense
53 Utilities Expense
54 Laundry Supplies Expense
55 Depreciation Expense
56 Insurance Expense
59 Miscellaneous Expense

Labels
Current assets
Current liabilities
Expenses
For the Year Ended June 30, 2019
June 30, 2019
Property, plant, and equipment
Revenues
Amount Descriptions
Decrease in owners equity
Increase in owners equity
Net income
Net loss
Sophie Perez, capital, June 30, 2019
Sophie Perez, capital, July 1, 2018
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment
Withdrawals

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. Identify the adjustments by Adj. and the new balances as Adj. Bal.
6.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.)
Cash (Acct. 11)
Bal.
Laundry Supplies (Acct. 13)
Bal. Adj.
Adj. Bal.
Prepaid Insurance (Acct. 14)
Bal. Adj.
Adj. Bal.
Laundry Equipment (Acct. 16)
Bal.
Accumulated Depreciation (Acct. 17)
Bal.
Adj.
Adj. Bal.
Accounts Payable (Acct. 21)
Bal.
Wages Payable (Acct. 22)
Adj.
Sophie Perez, Capital (Acct. 31)
Clos. Bal.
Clos.
Bal.
Sophie Perez, Drawing (Acct. 32)
Bal. Clos.
Laundry Revenue (Acct. 41)
Clos. Bal.
Wages Expense (Acct. 51)
Bal. Clos.
Adj.
Adj. Bal.
Rent Expense (Acct. 52)
Bal. Clos.
Utilities Expense (Acct. 53)
Bal. Clos.
Laundry Supplies Expense (Acct. 54)
Adj. Clos.
Depreciation Expense (Acct. 55)
Adj. Clos.
Insurance Expense (Acct. 56)
Adj. Clos.
Miscellaneous Expense (Acct. 59)
Bal. Clos.

3.a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30.
6.a. Journalize the closing entries on page 11 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owners equity, and the balance sheet BEFORE completing part 6. a.)

Question not attempted.

PAGE 10PAGE 11

JOURNAL

ACCOUNTING EQUATION

Score: 0/260

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

Adjusting Entries

2

3

4

5

6

7

8

9

4. Prepare an adjusted trial balance.

Question not attempted.

Epicenter Laundry

ADJUSTED TRIAL BALANCE

Score: 0/71

June 30, 2019

ACCOUNT TITLE DEBIT CREDIT

1

Cash

2

Laundry Supplies

3

Prepaid Insurance

4

Laundry Equipment

5

Accumulated Depreciation

6

Accounts Payable

7

Wages Payable

8

Sophie Perez, Capital

9

Sophie Perez, Drawing

10

Laundry Revenue

11

Wages Expense

12

Rent Expense

13

Utilities Expense

14

Laundry Supplies Expense

15

Depreciation Expense

16

Insurance Expense

17

Miscellaneous Expense

18

Totals

5. Prepare an income statement for the year ended June 30, 2019. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

Question not attempted.

Score: 0/98

Epicenter Laundry

Income Statement

1

2

3

4

5

6

7

8

9

10

11

5. Prepare a statement of owners equity for the year ended June 30, 2019. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.

Question not attempted.

Score: 0/54

Epicenter Laundry

Statement of Owners Equity

1

2

3

4

5

5. Prepare a balance sheet as of June 30, 2019. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Question not attempted.

Score: 0/119

Epicenter Laundry

Balance Sheet

1

Assets

2

3

4

5

6

7

8

9

10

11

12

Liabilities

13

14

15

16

17

Owners equity

18

19

7. Prepare a post-closing trial balance.

Question not attempted.

Epicenter Laundry

POST-CLOSING TRIAL BALANCE

Score: 0/35

June 30, 2019

ACCOUNT TITLE DEBIT CREDIT

1

Cash

2

Laundry Supplies

3

Prepaid Insurance

4

Laundry Equipment

5

Accumulated Depreciation

6

Accounts Payable

7

Wages Payable

8

Sophie Perez, Capital

9

Totals

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