The unadjusted trial balance of Epicenter Laundry at June 30,20Y3, the end of the fiscal year, follows: 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. - 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 owner's 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 ACCOUNTS Epicenter Laundry General Ledger ASSETS REVENUE 11 Cash 41 Laundry Revenue 13 Laundry Supplies 14 Prepaid Insurance EXPENSES 16 Laundry Equipment 51 Wages Expense 17 Accumulated Depreciation 52 Rent Expense 53 Utilities Expense LIABILITIES 54 Laundry Supplies Expense 21 Accounts Payable 55 Depreciation Expense 22 Wages Payable 56 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Sophie Perez, Capital 32 Sophie Perez, Drawing 33 Income Summary Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30,20Y3 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Sophie Perez, capital, June 30, 20Y3 Sophie Perez, capital, July 1, 20Y2 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals 1. For each account ksted in the unadjusted trial balance, enter the balance in the appropriate Taccount. Idertity the balance as "Bal." 3.b. Post the adjusting entries. Identify the adjustments by "Acj. "and the new balances as "Adj. Bat." 6.b. Post the closing entries. In the T accounts, identify the closing entries by "Clos." (Be sure to add a posting reterence to the journal) a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. a. Journalize the closing entries on page 11 of the journal. (Note: Complete the adjusted trial balance, the income statement, t. owner's equity, and the balance sheet BEFORE completing part 6. a.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explan on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit am Epicenter Laundry ADJUSTED TRIAL BALANCE June 30,20Y3 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, 20Y3. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement. 5. Prepare a statement of owner's equity for the year ended June 30, 20Y3. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Epicenter Laundry Balance Sheet (Labei) 7. Prepare a post-closing trial balance. 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate T account. Idertity the balance a. "Ba.. 3.b. Post the adjusting entries. Identify the adjustments by "Adj. "and the now balances as "Adj. Bat." 6.b. Post the closing entries. In the T accounts, identify the closing entries by "Clos." (Be sure to add a posting reterence to the journal)