The trial balance of The Utopia Laundromat at December 31, 2018, the end of the current fiscal year, is shown at the top of the next page. 2018, 1 The data needed to determine year-end adjustments are as follows: I. Laundry supplies on hand at Dec 31 are $1,250. II. Insurance premiums expired during the year are $1,800. III. Depreciation of equipment during the year is $5,500. IV. Wages accrued but not paid at December 31 are $2,160. Cash. Laundry Supplies Prepaid Insurance Laundry Equipment The Utopia Laundromat Trial Balance December 31, 2018 Accumulated Depreciation Accounts Payable Celtic Furner, Capital Celtic Furner, Drawing Laundry Revenue Wages Expense.. Rent Expense Utilities Expense Miscellaneous Expense OFFI $4,600 7,850 3,600 120,000 3,500 W .62, 700 4,100 .46, 450 .96, 750 43,400 16,400 8,500 2,150 $210,000 $210,000 W Instructions A. On the basis of the adjustment data in the work sheet, journalize the adjusting Entries B. Enter the trial balance on work sheet and complete the work sheet. Add accounts as needed. C. Prepare an income statement, a statement of owner's equity and a balance sheet. D. On the basis of the data in the work sheet, journalize the closing entries.

The trial balance of The Utopia Laundromat at December 31, 2018, the end of the current fiscal year, is shown at the top of the next page. 2018, 1 The data needed to determine year-end adjustments are as follows: I. Laundry supplies on hand at Dec 31 are $1,250. II. Insurance premiums expired during the year are $1,800. III. Depreciation of equipment during the year is $5,500. IV. Wages accrued but not paid at December 31 are $2,160. Cash. Laundry Supplies Prepaid Insurance Laundry Equipment The Utopia Laundromat Trial Balance December 31, 2018 Accumulated Depreciation Accounts Payable Celtic Furner, Capital Celtic Furner, Drawing Laundry Revenue Wages Expense.. Rent Expense Utilities Expense Miscellaneous Expense OFFI $4,600 7,850 3,600 120,000 3,500 W .62, 700 4,100 .46, 450 .96, 750 43,400 16,400 8,500 2,150 $210,000 $210,000 W Instructions A. On the basis of the adjustment data in the work sheet, journalize the adjusting Entries B. Enter the trial balance on work sheet and complete the work sheet. Add accounts as needed. C. Prepare an income statement, a statement of owner's equity and a balance sheet. D. On the basis of the data in the work sheet, journalize the closing entries.

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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