Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The unadjusted trial balance of Epicenter Laundry is included on end-of-year spreadsheet for the fiscal year that ended June 30,2019 The data needed to determine

image text in transcribed

image text in transcribed

image text in transcribed

The unadjusted trial balance of Epicenter Laundry is included on end-of-year spreadsheet for the fiscal year that ended June 30,2019 The data needed to determine year end adjustments are as follows: a. Laundry supplies on hand at June 30, 2019 $3,600. b. Insurance premiums expired at June 30, 2019 $5,700. c. Depreciation of laundry equipment during the year $6,500. d. Wages accrued but not paid ay June 30 $ 1,100. Instructions: 1. Complete the end-of-year spreadsheet for Epicenter Laundry. 2. Journalize the adjusting entries. 3. Prepare an income statement, statement of owner's equit and balance sheet from the adjusted trial balance. EPICENTER LAUNDRY INCOME STATEMENT JUNE 30,2019 LAUNDRY REVENUE EXPENSES WAGES EXPENSE LAUNDRY SUPPLIES EXPENSE RENT EXPENSE UTILITIES EXPENSE DEPRECIATION EXPENSE-EQUIPMENT INSURANCE EXPENSE MISCELLANEOUS EXPENSE TOTAL EXPENSES NET INCOME EPICENTER LAUNDRY STATEMENT OF OWNERS EQUITY JUNE 30,2019 SOPHIE PEREZ, CAPITAL NET INCOME ADDITIONAL INVESTMENTS SOPHIE PEREZ, DRAWING INCREASE ON OWNERS EQUITY SOPHIE PEREZ, CAPITAL JUNE 30, 2019 EPICENTER LAUNDRY BALANCE SHEET JUNE 30,2019 CASH LAUNDRY SUPPLIES PREPAID INSURANCE LAUNDRY EQUIPMENT ACCUMULATED DEPRECIATION ACCOUNTS PAYABLE WAGES PAYABLE SOPHIE PEREZ, CAPITAL DATE JUNE 30, 2019 UNADJUSTED TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE DEBIT BALANCES DEBIT BALANCES 11,000 21,500 9,600 232,600 CREDIT BALANCES CREDIT BALANCES DEBIT BALANCES CREDIT BALANCES CASH LAUNDRY SUPPLIES PREPAID INSURANCE LAUNDRY EQUIPMENT ACCUMULATED DEPRECIATION 125,400 11,800 ACCOUNTS PAYABLE WAGES PAYABLE SOPHIE PEREZ, CAPITAL SOPHIE PEREZ, DRAWING LAUNDRY REVENUE WAGES EXPENSE LAUNDRY SUPPLIES EXPENSE 105,600 10,000 232,200 125,200 40,000 RENT EXPENSE UTILITIES EXPENSE DEPRECIATION EXPENSE-EQUIPMENT INSURANCE EXPENSE 19,700 MISCELLANEOUS EXPENSE 5,400 475,000 475,000 ADJUSTING ENTRIES A. B. D

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Management A Strategic Emphasis

Authors: Edward Blocher, David E. Stout, Gary Cokins, Kung Chen

4th Edition

0073128155, 978-0073128153

More Books

Students also viewed these Accounting questions

Question

BPR always involves automation. Group of answer choices True False

Answered: 1 week ago

Question

=+Differentiate the key characteristics of a personal brand

Answered: 1 week ago

Question

1. What are the benefi ts of studying communication?

Answered: 1 week ago

Question

=+Discuss the key benefits and challenges of a personal brand

Answered: 1 week ago