Epicenter Laundry Unadjusted Trial Balance June 30, 2018 Debit Credit Balances Balances Cash... 11,000 Laundry Supplies Prepaid Insurance. Laundry Equipment.. Accumulated Depreciation Accounts Payable. Common Stock .. Retained Earnings 21,500 9,600 232,600 125,400 11,800 40,000 65,600 Dividends 10,000 Laundry Revenue. Wages Expense.. Rent Expense.. Utilities Expense. Miscellaneous Expense. 232,200 125,200 40,000 19,700 5,400 475,000 475,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

T accounts, adjusting entries, financial statements, and 
closing entries; optional end-of-period spreadsheet
The unadjusted trial balance of Epicenter Laundry at June 30, 2018, the end of the fiscal year, follows:

The data needed to determine year-end adjustments are as follows:
(A) Laundry supplies on hand at June 30 are $3,600.
(B) Insurance premiums expired during the year are $5,700.
(C) Depreciation of laundry equipment during the year is $6,500.
(D) Wages accrued but not paid at June 30 are $1,100.
Instructions
1. For each account listed in the unadjusted trial balance, enter the balance in a T account.
Identify the balance as “June 30 Bal.” In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary.
2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete
the spreadsheet. Add the accounts listed in part (1) as needed.
3. Journalize and post the adjusting entries. Identify the adjustments by “Adj.” and the new
balances as “Adj. Bal.”
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a retained earnings statement, and a balance sheet.
6. Journalize and post the closing entries. Identify the closing entries by “Clos.”
7. Prepare a post-closing trial balance.

Epicenter Laundry
Unadjusted Trial Balance
June 30, 2018
Debit
Credit
Balances
Balances
Cash...
11,000
Laundry Supplies
Prepaid Insurance.
Laundry Equipment..
Accumulated Depreciation
Accounts Payable.
Common Stock ..
Retained Earnings
21,500
9,600
232,600
125,400
11,800
40,000
65,600
Dividends
10,000
Laundry Revenue.
Wages Expense..
Rent Expense..
Utilities Expense.
Miscellaneous Expense.
232,200
125,200
40,000
19,700
5,400
475,000
475,000
Transcribed Image Text:Epicenter Laundry Unadjusted Trial Balance June 30, 2018 Debit Credit Balances Balances Cash... 11,000 Laundry Supplies Prepaid Insurance. Laundry Equipment.. Accumulated Depreciation Accounts Payable. Common Stock .. Retained Earnings 21,500 9,600 232,600 125,400 11,800 40,000 65,600 Dividends 10,000 Laundry Revenue. Wages Expense.. Rent Expense.. Utilities Expense. Miscellaneous Expense. 232,200 125,200 40,000 19,700 5,400 475,000 475,000
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