The unadjusted trial balance of Loose Leaf Co. at December 31, 2010, the end of the current year, is shown in the sheet entiltled "Worksheet". The data needed to determine year-end adjustments are as follows: Supplies on hand at December 31 are $1,500. Insurance premiums expired during the year are $2,500. Depreciation of equipment during the year is $4,700. Depreciation of trucks during the year is $3,100. Wages accrued but not paid at December 31 are $750. A. B. C. D. E. Instructions: 1 Formulate the adjusting general journal entries for the problem in the sheet provided and the post into the worksheet. Include a narrative for each general journal entry. Complete the twelve (12) coulumn worksheet. Calculate the Net Income or Net Loss for the problem. Formulate the Closing Entries with narratives for the problem in the sheet provided. 5 Formulate the Post-Closing Trial Balance for the problem in the sheet provided 2 3 4 6 When finished, kindly TURN IN and upload spreadsheet into google classroom. BEST OF LUCK !! Lolcarca December 212010 Adjusting Gearral Journal Adjustment Alphabet Espaination ERS CR A Loose Leaf Co. End-of-Period Worksheet For the Year Ended 31/12/2010 Adjustments Dr. Alpha $ Cr. s Adjusted T: Dr. S Unadjusted Trial Balance Dr. Cr. Alpha $ s 1.825 4.820 7.500 70.200 12.050 50.000 27.100 12.015 27.885 Acct No. Acount Title 101 Cash 126 Supplies 127 Prepaid Insurance 128 Equipment 159 Accumulated Depreciation Equipment 160 Trucks 164 Accumulated Depreciation-Trucks 201 Accounts payable 209 Wages payable 301 Reed Barmack, Capital 302 Reed Barmack, Withdrawals 401 Services Revenue 607 Wages Expense 612 Supplies Expense 637 Rent Expense 652 Depreciation expense. Equipment 654 Trucks Expense 656 Depreciation expense Trucks 658 Insurance expense 660 Miscellaneous TOTAL Net Income TOTAL 2.500 120.950 48,010 7.600 5.150 2,195 200.000 200.000 Fial Balance Cr. S Income Statement Dr. Cr. $ $ Statement of Owner's Equity and Balance Sheet Dr. Cr. s S Loose LeafC. Closing Entries DRS Dec 11 STEP 1: To close Dec-31 STEP 111 To close Des 11 STEP 111: To close Dec. 31 STEP IV: To close Loose Leaf Co. Post-Closing Trial Balance December 31, 2010 DRS CRS TOTAL