Question
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. |
| ||||
4. | Prepare an adjusted trial balance. | ||||
5. | Prepare an income statement, a statement of owners equity, and a balance sheet.* | ||||
6. |
| ||||
7. | Prepare a post-closing trial balance.
|
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