Question

The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 2 Laundry Supplies 21,500.00 3 Prepaid Insurance 9,600.00 4 Laundry Equipment 232,600.00 5 Accumulated Depreciation 125,400.00 6 Accounts Payable 11,800.00 7 Sophie Perez, Capital 105,600.00 8 Sophie Perez, Drawing 10,000.00 9 Laundry Revenue 232,200.00 10 Wages Expense 125,200.00 11 Rent Expense 40,000.00 12 Utilities Expense 19,700.00 13 Miscellaneous Expense 5,400.00 14 Totals 475,000.00 475,000.00 The data needed to determine year-end adjustments are as follows: • Laundry supplies on hand at June 30 are $3,600. • Insurance premiums expired during the year are $5,700. • Depreciation of laundry equipment during the year is $6,500. • Wages accrued but not paid at June 30 are $1,100. Required: 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as “Bal.” 2. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. 3. a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. b. Post the adjusting entries. In the T accounts, identify the adjustments by “Adj.” and the new balances as “Adj. Bal.” (Be sure to add a posting reference to the journal.) 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner’s equity, and a balance sheet.* 6. a. Journalize the closing entries on page 11 of the journal. b. Post the closing entries. In the T accounts, identify the closing entries by “Clos.” (Be sure to add a posting reference to the journal.) 7. Prepare a post-closing trial balance. *Be sure to read the instructions for each financial statement carefully. The only thing I need is the Journal of this assignment!

Answer 1