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The unadjusted trial balance of La Mesa Laundry at August 31, 2019, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash.... Laundry Supplies Prepaid Insurance. Laundry Equipment.. Accumulated Depreciation Accounts Payable.. Bobbi Downey, Capital. Bobbi Downey, Drawing. Laundry Revenue 3в00 9,000 6,000 180,800 49,200 7,800 95,000 2,400 248,000 Wages Expense... Rent Expense.. Utilities Expense... Miscellaneous Expense... 135,800 43,200 16,000 з000 400,000 400,000 The data needed to detemine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are $2,200. b. Depreciation of equipment during the year is $8,150. c. Laundry supplies on hand at August 31 are $2,000. d. Insurance premiums expired during the year are $5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Aug. 31 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.

The unadjusted trial balance of La Mesa Laundry at August 31, 2019, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash.... Laundry Supplies Prepaid Insurance. Laundry Equipment.. Accumulated Depreciation Accounts Payable.. Bobbi Downey, Capital. Bobbi Downey, Drawing. Laundry Revenue 3в00 9,000 6,000 180,800 49,200 7,800 95,000 2,400 248,000 Wages Expense... Rent Expense.. Utilities Expense... Miscellaneous Expense... 135,800 43,200 16,000 з000 400,000 400,000 The data needed to detemine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are $2,200. b. Depreciation of equipment during the year is $8,150. c. Laundry supplies on hand at August 31 are $2,000. d. Insurance premiums expired during the year are $5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Aug. 31 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.

FINANCIAL ACCOUNTING
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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The unadjusted trial balance of La Mesa Laundry at August 31, 2019, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash.... Laundry Supplies Prepaid Insurance. Laundry Equipment.. Accumulated Depreciation Accounts Payable.. Bobbi Downey, Capital. Bobbi Downey, Drawing. Laundry Revenue 3в00 9,000 6,000 180,800 49,200 7,800 95,000 2,400 248,000 Wages Expense... Rent Expense.. Utilities Expense... Miscellaneous Expense... 135,800 43,200 16,000 з000 400,000 400,000 The data needed to detemine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are $2,200. b. Depreciation of equipment during the year is $8,150. c. Laundry supplies on hand at August 31 are $2,000. d. Insurance premiums expired during the year are $5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Aug. 31 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.
Transcribed Image Text:The unadjusted trial balance of La Mesa Laundry at August 31, 2019, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash.... Laundry Supplies Prepaid Insurance. Laundry Equipment.. Accumulated Depreciation Accounts Payable.. Bobbi Downey, Capital. Bobbi Downey, Drawing. Laundry Revenue 3в00 9,000 6,000 180,800 49,200 7,800 95,000 2,400 248,000 Wages Expense... Rent Expense.. Utilities Expense... Miscellaneous Expense... 135,800 43,200 16,000 з000 400,000 400,000 The data needed to detemine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are $2,200. b. Depreciation of equipment during the year is $8,150. c. Laundry supplies on hand at August 31 are $2,000. d. Insurance premiums expired during the year are $5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Aug. 31 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.
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