Question
The unadjusted trial balance of Peter Laundromat at June 30, 20X0, the end of the current fiscal year, is shown below. Peter Laundromat Unadjusted Trial
The unadjusted trial balance of Peter Laundromat at June 30, 20X0, the end of the current fiscal year, is shown below. Peter Laundromat Unadjusted Trial Balance June 30, 20X0 Debit Balances Credit Balances Cash 2,450 +stt Laundry Supplies 3,750 Prepaid Insurance 2,400 Laundry Equipment 55,000 Accumulated Depreciation 20,500 Accounts Payable 3,100 Scott Mathis, Capital 19,900 +stt Scott Mathis, Drawing 1,000 Laundry Revenue 83,000 Wages Expense 35,750 Rent Expense 18,000 Utilities Expense 6,800 Miscellaneous Expense 1,350 126,500 + stt 126,500 +stt The data needed to determine year-end adjustments are as follows: a. Laundry supplies on hand at June 30 are $1050 + stt b. Insurance premiums expired during the year are $1,800 c. Depreciation of equipment during the year is $2,900 -stt d. Wages accrued but not paid at June 30 are $800 Instructions 1. Journalize and post the adjusting entries. 2. Prepare an adjusted trial balance 3. Prepare an income statement, a statement of owners equity (no additional investment was made during the year), and a balance sheet. 4. Journalize and post the closing entries. 5. Prepare a post-closing trial balance.
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