The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 26,500.00 9,600.00 232,600.00 125,400.00 11,800.00 40,000.00 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable Common Stock % Retained Earnings 9 Dividends 10 Laundry Revenue 11 Wages Expense 12 Rent Expense 13 Utilities Expense 14 Miscellaneous Expense 65,600,00 5,000.00 232,200.00 125,200.00 40,000.00 19,700.00 5,400.00 15 Totals 475,000.00 475,000.00 The data needed to determine year-end adjustments are as follows: A. Laundry supplies on hand at June 30 are $8,600. B. Insurance premiums expired during the year are $5,700. C. Depreciation of laundry equipment during the year is $6,500. D. Wages accrued but not paid at June 30 are $1,100. Required Note: Download the spreadsheet on the T Accounts panel, saving the Excel file to your computer. Be sure to save your work in Excel. The spreadsheet input will not be included in your grade in CengageNOW on this problem. 1. For each account listed in the unadjusted trial balance, enter the balance in a account. Identify the balance as "Bal" 2. Using the Excel spreadsheet downloaded from the Accounts panel, click the Work Sheet tab. Enter the unadjusted trial balance on the 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. Refer to the Chart of Accounts for exact wording of account titles. Be sure to add a posting reference to the journal. 3. b. Post the adjusting entries. In the accounts, identify the adjustments by "Adj." and the new balances as "Ady. Bal." 4. Prepare an adjusted trial balance. 5. a. Prepare an income statement for the year ended June 30, 20Y6. 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. You will not need to enter colons() on the income statement. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. 5. b. Prepare a statement of stockholders' equity for the year ended June 30, 20Y6. During the year ended June 30, 2076, additional common stock of $7,500 was issued. If a not loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. 5. c. Prepare a balance sheet as of June 30, 20Y6. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading You will not need to enter colons (.) on the balance sheet; they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 6. a. Journalize the closing entries on page 11 of the joumal. Refer to the Chart of Accounts for exact wording of account titles. Be sure to add a posting reference to the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of stockholders' equity, and the balance sheet BEFORE completing part 6. a.) 6. b. Post the closing entries. In the Taccounts, identify the closing entries by "Clos." 7. Prepare a post-closing trial balance CHART OF ACCOUNTS Epicenter Laundry General Ledger ASSETS REVENUE 11 Cash 41 Laundry Revenue 13 Laundry Supplies 14 Prepaid ince EXPENSES 17 Laundry Equipment 61 Wages Expense 18 Accumulated Depreciation Rent Experte 53 Expense LIABILITIES 54 Laundry Expense 21 Accounts Payable 5 Depreciation Experte 22 Wages Payable 5 Trance Expert 59 Miscereus pense EQUITY 31 Common Stock 32 Retained Eanings 33 Dividende LabelsCurrent assets Current liabilitiesExpensesFor the Year Ended June 30, 20Y6June 30, 20Y6Property, plant, and equipmentamount DescriptionsBalances, July 1, 20Y5Balances, June 30, 20Y6DividendsIssued common stockNet incomeNet loss Total assets Total current assets Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total stockholders' equity Note:Download the SPREADSHEET, saving the Excel file to your computer. Be sure to save your work in Excel. The spreadsheet input will not be included in your grade in CengageNOW on this problem. 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Bal. 3. b. Post the adjusting entries. In the accounts, identify the adjustments by "Adj." and the new balances as "Adj. Bal. 6.b. Post the closing entries. In the accounts, identify the adjustments by Clos." 2. Using the Excel spreadsheet downloaded from the T Accounts panel, click the Work Sheet tab. Enter the unadjusted trial balance on the 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. Refer to the Chart of Accounts for exact wording of account titles. 6. a. Journalize the closing entries on page 11 of the journal. Refer to the Chart of Accounts for exact wording of account titles. Be sure to add a posting reference to the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of stockholders' equity, and the balance sheet BEFORE completing part 6. a.) JOUR ACCOUNTING BUTION DEK HIS UABUS 4. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Epicenter Laundry ADJUSTED TRIAL BALANCE June 30, 2016 ACCOLE BOUT CREDIT 2 Laundry Supplies Prepaid Insurance Laundry Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Dividende * Laundry Revenue Wages Expenses u Rand Expense texpense 15 Laundry Supplies Expanse * Depreciation Expense Insurance Expense Miscellaneous Expense Total 5. a. Prepare an income statement for the year ended June 30, 2016. 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. You will not need to enter colons() on the income statement. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. Epicenter Laundry Income Statement 1 1 4 1 11 5. b. Prepare a statement of stockholders'equity for the year ended June 30, 20Y6. During the year ended June 30, 2076, additional common stock of $7,500 was issued. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. Epicenter Laundry Statement of Stockholders' Equity Red 5. c. Prepare a balance sheet as of June 30, 20Y6. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons (-) on the balance sheet: they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Epicenter Laundry Balance Sheet 7. Prepare a post-closing trial balance. Epicenter Laundry POST-CLOSING TRIAL BALANCE June 30, 2046 ACCOUNT TITLE DEBIT CREDIT I Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment Accumulated Depreciation 6 Accounts Payable 7 Wages Payable Common Stock Retained Earnings 10 Totals