Eplcenter Laundry Unadjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash.. 11,000 Laundry Supplies . Prepaid Insurance.. Laundry Equipment.. Accumulated Depreciation Accounts Payable... 21,500 9,600 232,600 125,400 11,800 105,600 Sophie Perez, Capital.. Sophie Perez, Drawing Laundry Revenue.. Wages Expense......... Rent Expense.. Utilities Expense. 10,000 232,200 125,200 40,000 19,700 5,400 Miscellaneous Expense. 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

The unadjusted trial balance of Epicenter Laundry at June 30, 2019, 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, 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 as “Adj.” and the new balances as “Adj. Bal.”
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
6. Journalize and post the closing entries. Identify the closing entries as “Clos.”
7. Prepare a post-closing trial balance

Eplcenter Laundry
Unadjusted Trial Balance
June 30, 2019
Debit
Balances
Credit
Balances
Cash..
11,000
Laundry Supplies .
Prepaid Insurance..
Laundry Equipment..
Accumulated Depreciation
Accounts Payable...
21,500
9,600
232,600
125,400
11,800
105,600
Sophie Perez, Capital..
Sophie Perez, Drawing
Laundry Revenue..
Wages Expense.........
Rent Expense..
Utilities Expense.
10,000
232,200
125,200
40,000
19,700
5,400
Miscellaneous Expense.
475,000
475,000
Transcribed Image Text:Eplcenter Laundry Unadjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash.. 11,000 Laundry Supplies . Prepaid Insurance.. Laundry Equipment.. Accumulated Depreciation Accounts Payable... 21,500 9,600 232,600 125,400 11,800 105,600 Sophie Perez, Capital.. Sophie Perez, Drawing Laundry Revenue.. Wages Expense......... Rent Expense.. Utilities Expense. 10,000 232,200 125,200 40,000 19,700 5,400 Miscellaneous Expense. 475,000 475,000
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