T Accounts, Adjusting Entries, Financial Statements, and Closing Entries The dat
ID: 2461123 • Letter: T
Question
T Accounts, Adjusting Entries, Financial Statements, and Closing Entries
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.
2.Prepare a The T-Accounts
3. Prepare a Balance Sheet
4. Prepare a journlize the Closing Entries
5. Prepare a Post- Closing Trial Balance
Explanation / Answer
Closing Journal entries as on June 30,2014 T Accounts Sr.No Account title Debit Credit Insurance a No entry Debit Credit To balance b/d 0 b Insurance 5700 To Prepaid Insurance 5700 By balance c/f 5700 Prepaid insurance 5700 Total 5700 Total 5700 c Depreciation 6500 Accumulated Depreciation 6500 Prepaid Insurance Debit Credit d Wages 1100 To balance b/d 9600 By Insurance 5700 Wages payable 1100 By balance c/f 3900 Post closing trial balance as on June 30,2014 Total 9600 Total 9600 Debit Credit Cash 11000 Depreciation Laundry supplies 21500 Debit Credit Prepaid Insurance 3900 To balance b/d 0 Laundry Equipment 232600 To accumulated depreciation 6500 By balance c/f 6500 Accumulated depreciation 131900 Accounts Payable 11800 Total 6500 Total 6500 Wages payable 1100 Sophie Perez Capital 105600 Accumulated Depreciation Sophie Perez Drawings 10000 Debit Credit Laundry revenue 232200 By balance b/d 125400 Wages exp. 126300 To balance c/f 131900 By Depreciation 6500 Rent Exp. 40000 Utilities exp. 19700 Total 131900 Total 131900 Mise.exp. 5400 Insurance exp. 5700 Wages Depreciation 6500 Debit Credit 482600 482600 To balance b/d 125200 To Wages payable 1100 By balance c/f 126300 Income statement for the year ended June 30,2014 In $ In $ Total 126300 Total 126300 Income - Laundry Revenue 232200 - Closing stock - Laundry supplies 3600 Wages Payable Total Income side 235800 Debit Credit By balance c/d Expenses To balance c/f 1100 By Wages 1100 - Opening stock - Laundry supplies 21500 - Wages exp. 126300 Total 1100 Total 1100 - Rent Exp. 40000 - Utilities exp. 19700 - Mise.exp. 5400 - Insurance exp. 5700 - Depreciation 6500 Total expenses 225100 Net Income 10700 Balance sheet as on June 30,2014 Assets In $ Cash 11000 Laundry supplies 3600 Prepaid Insurance 3900 Laundry Equipment 232600 Total Assets 251100 Liabilities Sophie Perez Capital 105600 (+) Net Income 10700 (-) Drawings 10000 106300 Accumulated depreciation 131900 Accounts Payable 11800 Wages payable 1100 Total Liabilities 251100
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.