3.
Debit Credit
June 30
30
30
30
1., 3., and 6.
June 30 Balance 11,000
June 30 Balance 26,500 June 30 Adjusting
30 Adjusted Bal.
June 30 Balance 9,600 June 30 Adjusting
30 Adjusted Bal.
June 30 Balance 232,600
June 30 Balance 125,400
30 Adjusting
30
Adjusted Bal.
JOURNAL
Date
Description
20Y6
Adjusting Entries
GENERAL LEDGER
Cash
Laundry Supplies
Prepaid Insurance
Laundry Equipment
Accumulated Depreciation
June 30 Balance 11,800
June 30 Adjusting
June 30 Balance 40,000
June 30 Closing June 30 Balance 65,600
30 Closing
30
Closing Bal.
June 30 Balance 40,000 June 30 Closing
June 30 Balance 19,700 June 30 Closing
Rent Expense
Utilities Expense
Accounts Payable
Wages Payable
Common Stock
Retained Earnings
June 30 Adjusting June 30 Closing
June 30 Adjusting June 30 Closing
June 30 Adjusting June 30 Closing
June 30 Balance 5,400 June 30 Closing
Laundry Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
4.
Accounts Payable
Common Stock
Retained Earnings
Dividends
Laundry Revenue
Wages Expense
Rent Expense
Utilities Expense
Laundry Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Cash
Laundry Supplies
Prepaid Insurance
Laundry Equipment
Accumulated Depreciation
Wages Payable
Epicenter Laundry
Adjusted Trial Balance
June 30, 20Y6
Debit
Balances
Credit
Balances
5.
Expenses:
Net income
Common
Stock
Retained
Earnings
Total
Balances, July 1, 20Y5
Issued common stock
Net income
Dividends
Balances, June 30, 20Y6
Current assets:
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Epicenter Laundry
Income Statement
For the Year Ended June 30, 20Y6
Revenues:
June 30, 20Y6
Assets
Total expenses
Epicenter Laundry
Statement of Stockholders’ Equity
For the Year Ended June 30, 20Y6
Epicenter Laundry
Balance Sheet
Total assets
Current liabilities:
Total liabilities
Total stockholders’ equity
Total liabilities and stockholders’ equity
6.
Post.
Ref. Debit Credit
June 30
Miscellaneous Expense
30
7.
Accounts Payable
JOURNAL
Date
Description
20Y6
Closing Entries
Liabilities
Stockholders’ Equity
Epicenter Laundry
Post-Closing Trial Balance
Laundry Equipment
Accumulated Depreciation
June 30, 20Y6
Debit
Balances
Credit
Balances
Cash
Laundry Supplies
Prepaid Insurance
Retained Earnings
Wages Payable
Common Stock
Problem 4-3A
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
In the general ledger accounts, only normal balance columns will be graded.
In graded sections, enter a zero in cells you would otherwise leave blank.
2.
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 11,000 – – 11,000 – – – 11,000 –
Laundry Supplies 26,500 – (a) 17,900 8,600 – – – 8,600 –
Prepaid Insurance 9,600 – (b) 5,700 3,900 – – – 3,900 –
Laundry Equipment 232,600 – – 232,600 – – – 232,600 –
Accum. Depreciation 125,400 – (c) 6,500 – 131,900 – – – 131,900
Accounts Payable 11,800 – – – 11,800 – – – 11,800
Wages Payable – – (d) 1,100 – 1,100 – – – 1,100
Common Stock 40,000 – – – 40,000 – – – 40,000
Retained Earnings 65,600 – – – 65,600 – – – 65,600
Dividends 5,000 – – 5,000 – – – 5,000 –
Laundry Revenue 232,200 – – – 232,200 – 232,200 – –
Wages Expense 125,200 (d) 1,100 – 126,300 – 126,300 – – –
Laundry Supplies Expense
Laundry Supplies
30 5,700
5,700
30 6,500
6,500
Adjusting
Wages Expense
Wages Payable
30 Adjusted Bal. 8,600
June 30 Balance 9,600 June 30
Adjusting
5,700
30 Adjusted Bal. 3,900
Name:
Solution
Section:
ON
Statement
Sheet
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
Epicenter Laundry
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended June 30, 20Y6
Adjusted
Income
Balance
Unadjusted Trial Balance
Adjustments
Trial Balance
Prepaid Insurance
Laundry Equipment
Insurance Expense
Prepaid Insurance
Depreciation Expense
Accumulated Depreciation
30
Adjusted Bal.
131,900
June 30 Balance 11,800
June 30
Adjusting
1,100
June 30 Balance 40,000
June 30 Closing 5,000 June 30 Balance 65,600
30 Closing 10,700
30
Closing Bal.
71,300
June 30 Balance 40,000 June 30 Closing 40,000
June 30 Balance 19,700 June 30 Closing 19,700
June 30 Adjusting 17,900 June 30 Closing 17,900
June 30 Adjusting 6,500 June 30 Closing 6,500
Laundry Supplies
Prepaid Insurance
Epicenter Laundry
June 30, 20Y6
232,600 –
– 131,900
Accounts Payable – 11,800
– 1,100
Common Stock – 40,000
Retained Earnings – 65,600
Dividends 5,000 –
Wages Expense
Rent Expense
Utilities Expense
Laundry Supplies Expense
Depreciation Expense
Accounts Payable
Wages Payable
Common Stock
Retained Earnings
Laundry Equipment
Accumulated Depreciation
Wages Payable
Depreciation Expense 6,500 –
Insurance Expense 5,700 –
Miscellaneous Expense 5,400 –
482,600 482,600
5.
40,000
19,700
17,900
6,500
5,700
5,400
(221,500)
Net income 10,700$
Wages expense
Laundry revenue
Expenses:
Epicenter Laundry
For the Year Ended June 30, 20Y6
Dividends – (5,000) (5,000)
Balances, June 30, 20Y6 40,000$ 71,300$ 111,300$
Laundry supplies
Prepaid insurance
Laundry equipment
Accumulated depreciation
Current liabilities:
11,800$
1,100
Total liabilities 12,900$
Common stock
Retained earnings
Laundry Revenue
Wages Expense
Rent Expense
Utilities Expense
17,900
6,500
5,700
Miscellaneous Expense 5,400
10,700
30 5,000
Rent expense
Utilities expense
Laundry supplies expense
Depreciation expense
Insurance expense
Epicenter Laundry
Income Statement
For the Year Ended June 30, 20Y6
Revenues:
Balance Sheet
June 30, 20Y6
Miscellaneous expense
Total expenses
Epicenter Laundry
Liabilities
Accounts payable
Wages payable
Insurance Expense
Retained Earnings
Retained Earnings
Laundry Supplies Expense
Depreciation Expense
11,000 –
8,600 –
3,900 –
232,600 –
– 131,900
Accounts Payable – 11,800
– 1,100
Common Stock – 40,000
Retained Earnings – 71,300
256,100 256,100
Laundry Equipment
Accumulated Depreciation
Wages Payable
June 30, 20Y6
Debit
Balances
Credit
Balances
Cash
Laundry Supplies
Prepaid Insurance
Problem 4-3B
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
In the general ledger accounts, only normal balance columns will be graded.
In graded sections, enter a zero in cells you would otherwise leave blank.
2.
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 3,800
Laundry Supplies 9,000
Prepaid Insurance 6,000
Laundry Equipment 180,800
Accum. Depreciation 49,200
Accounts Payable 7,800
Wages Payable –
Common Stock 15,000
Retained Earnings 80,000
Dividends 2,400
Laundry Revenue 248,000
Wages Expense 135,800
Rent Expense 43,200
Utilities Expense 16,000
Depreciation Expense –
Laundry Supplies Exp. –
Insurance Expense –
Miscellaneous Expense 3,000
400,000 400,000
Name:
Section:
0%
Statement
Sheet
(Enter key code here)
Cells with non-gray backgrounds are protected and cannot be edited.
La Mesa Laundry
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended August 31, 20Y5
Adjusted
Income
Balance
Unadjusted Trial Balance
Adjustments
Trial Balance
3.
Debit Credit
Aug. 31
31
31
31
1., 3., and 6.
Aug. 31 Balance 3,800
Aug. 31 Balance 9,000 Aug. 31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 6,000 Aug. 31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 180,800
Aug. 31 Balance 49,200
31 Adjusting
31
Adjusted Bal.
JOURNAL
Date
Description
20Y5
Adjusting Entries
GENERAL LEDGER
Cash
Laundry Supplies
Prepaid Insurance
Laundry Equipment
Accumulated Depreciation
Aug. 31 Balance 7,800
Aug. 31 Adjusting
Aug. 31 Balance 15,000
Aug. 31 Closing Aug. 31 Balance 80,000
31 Closing
31
Closing Bal.
Aug. 31 Balance 2,400 Aug. 31 Closing
Aug. 31 Closing Aug. 31 Balance 248,000
Aug. 31 Balance 135,800 Aug. 31 Closing
31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 43,200 Aug. 31 Closing
Aug. 31 Balance 16,000 Aug. 31 Closing
Wages Expense
Rent Expense
Utilities Expense
Accounts Payable
Wages Payable
Common Stock
Retained Earnings
Dividends
Laundry Revenue
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Balance 3,000 Aug. 31 Closing
Depreciation Expense
Laundry Supplies Expense
Insurance Expense
Miscellaneous Expense
4.
Accounts Payable
Common Stock
Retained Earnings
Dividends
Laundry Revenue
Wages Expense
Rent Expense
Utilities Expense
Depreciation Expense
Laundry Supplies Expense
Insurance Expense
Miscellaneous Expense
Cash
Laundry Supplies
Prepaid Insurance
Laundry Equipment
Accumulated Depreciation
Wages Payable
La Mesa Laundry
Adjusted Trial Balance
August 31, 20Y5
Debit
Balances
Credit
Balances
5.
Expenses:
Net income
Common
Stock
Retained
Earnings
Total
Balances, September 1, 20Y4
Issued common stock
Net income
Dividends
Balances, August 31, 20Y5
Current assets:
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
La Mesa Laundry
Income Statement
For the Year Ended August 31, 20Y5
Revenues:
August 31, 20Y5
Assets
Total expenses
La Mesa Laundry
Statement of Stockholders’ Equity
For the Year Ended August 31, 20Y5
La Mesa Laundry
Balance Sheet
Total assets
Current liabilities:
Total liabilities
Total stockholders’ equity
Total liabilities and stockholders’ equity
6.
Post.
Ref. Debit Credit
Aug. 31
Miscellaneous Expense
31
7.
Accounts Payable
JOURNAL
Date
Description
20Y5
Closing Entries
Liabilities
Stockholders’ Equity
La Mesa Laundry
Post-Closing Trial Balance
Laundry Equipment
Accumulated Depreciation
August 31, 20Y5
Debit
Balances
Credit
Balances
Cash
Laundry Supplies
Prepaid Insurance
Retained Earnings
Wages Payable
Common Stock
Problem 4-3B
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
In the general ledger accounts, only normal balance columns will be graded.
In graded sections, enter a zero in cells you would otherwise leave blank.
2.
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 3,800 – – 3,800 – – – 3,800 –
Laundry Supplies 9,000 – (c) 7,000 2,000 – – – 2,000 –
Prepaid Insurance 6,000 – (d) 5,300 700 – – – 700 –
Laundry Equipment 180,800 – – 180,800 – – – 180,800 –
Accum. Depreciation 49,200 – (b) 8,150 – 57,350 – – – 57,350
Accounts Payable 7,800 – – – 7,800 – – – 7,800
Wages Payable – – (a) 2,200 – 2,200 – – – 2,200
Common Stock 15,000 – – – 15,000 – – – 15,000
Retained Earnings 80,000 – – – 80,000 – – – 80,000
Wages Expense
Wages Payable
31 8,150
8,150
31 7,000
7,000
Adjusting
Insurance Expense
Prepaid Insurance
31 Adjusted Bal. 2,000
Aug. 31 Balance 6,000 Aug. 31
Adjusting
5,300
31 Adjusted Bal. 700
Name:
Solution
Section:
ON
Statement
Sheet
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
La Mesa Laundry
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended August 31, 20Y5
Adjusted
Income
Balance
Unadjusted Trial Balance
Adjustments
Trial Balance
Prepaid Insurance
Depreciation Expense
Accumulated Depreciation
Laundry Supplies Expense
Laundry Supplies