PR 4-3A T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, the end of the fiscal year, Obj. 2, 3 follows: Epicenter Laundry Unadjusted Trial Balance June 30, 20Y6 Debit Balances Credit Balances
PR 4-3A T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, the end of the fiscal year, Obj. 2, 3 follows: Epicenter Laundry Unadjusted Trial Balance June 30, 20Y6 Debit Balances Credit Balances
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chapter 4 The Accounting Cycle
PR 4-3A T accounts, adjusting entries, financial statements, and
closing entries; optional end-of-period spreadsheet
The unadjusted trial balance of Epicenter Laundry at June 30, 20Y6, the end of the fiscal year,
Obj. 2, 3
V5. Net income:
$10,700
follows:
Epicenter Laundry
Unadjusted Trial Balance
June 30, 20Y6
Credit
Balances
Debit
Balances
EXCEL TEMPLATE
11,000
26,500
Cash...
Laundry Supplies
Prepaid Insurance.
Laundry Equipment.
Accumulated Depreciation
Accounts Payable.
Common Stock.
Retained Earnings
9,600
232,600
125,400
11,800
40,000
65,600
5,000
Dividends
232,200
Laundry Revenue
Wages Expense
Rent Expense.
Utilities Expense.
Miscellaneous Expense.
125,200
40,000
19,700
5,400
475,000
475,000
The data needed to determine year-end adjustments are as follows:
(a) Laundry supplies on hand at June 30 are $8,600.
(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. Iden-
tify the balance as "June 30 Bal." In addition, add T accounts for Wages Payable, Depreciation
Expense, Laundry Supplies Expense, and Insurance Expense.
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 bal-
ances as "Adj. Bal."
4. Prepare an adjusted trial balance,
5. Prepare an income statement, a statement of stockholders' equity, and a balance sheet. During
the year ended June 30, 20Y6, additional common stock of $7,500 was issued.
6. Journalize and post the closing entries. Identify the closing entries by "Clos."
7. Prepare a post-closing trial balance.
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