Question

PR 4-3A T accounts, adjusting entries, financial statements, and OBJ. 2,3 closing entries; optional end-of-period spreadsheet 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 Debit Credit Balances Balances Cash.......... 11,000 Laundry Supplies ............ 21,500 Prepaid Insurance............ 9,600 Laundry Equipment............ 232,600 125,400 Accumulated Depreciation ....... 11,800 Accounts Payable.......... 105,600 Sophie Perez, Capital. 10,000 Sophie Perez, Drawing ........ 232,200 Laundry Revenue ............. 125,200 Wages Expense............ 40,000 Rent Expense................. 19,700 Utilities Expense.......... ........ 5,400 Miscellaneous Expense.... 475,000 475,000 (Continued)

Answer 1

	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Titles	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$              11,000				$          11,000
Laundry Supplies	$              21,500			$          17,900	$            3,600
Prepaid Insurance	$                9,600			$            5,700	$            3,900
Laundry Equipment	$            232,600				$       232,600
Accumulated Depreciation		$           125,400		$            6,500		$       131,900
Accounts Payable		$              11,800				$         11,800
Wages Payable				$            1,100		$            1,100
Sophie Perez, Capital		$           105,600				$       105,600
Sophie Perez, Withdrawls	$              10,000				$          10,000
Laundry Revenue		$           232,200				$       232,200
Depreciation Expense			$              6,500		$            6,500
Wages Expense	$            125,200		$              1,100		$       126,300
Rent Expense	$              40,000				$          40,000
Utilities Expense	$              19,700				$          19,700
Miscellaneous Expense	$                5,400				$            5,400
Laundry Supplies expense			$            17,900		$          17,900
Insurance Expense			$              5,700		$            5,700
Totals	$            475,000	$           475,000	$            31,200	$          31,200	$       482,600	$       482,600

Income Statement
Revenue
Laundry Revenue		$           232,200
Expenses
Depreciation Expense	$                6,500
Wages Expense	$            126,300
Rent Expense	$              40,000
Utilities Expense	$              19,700
Miscellaneous Expense	$                5,400
Laundry Supplies expense	$              17,900
Insurance Expense	$                5,700
Total Expenses		$           221,500
Net Income		$              10,700

Statement of Owner's Equity
Beginning Balance Capital	$            105,600
Capital Invested	$                       -
Net Income	$              10,700
	$            116,300
Drawings	$              10,000
Ending Balance Capital	$            106,300

Balance Sheet
Assets
Current Assets
Cash	$              11,000
Laundry Supplies	$                3,600
Prepaid Insurance	$                3,900
Total Current Assets		$              18,500
Property, Plant and Equipment
Equipment	$            232,600
Less : Accumulated Depreciation	$            131,900	$           100,700
Total Assets		$           119,200
Liabilities
Current Liabilities
Accounts Payable	$              11,800
Wages Payable	$                1,100
Total Current Liabilities		$              12,900
Owner's Equity
Capital	$            106,300
Total Owner's Equity		$           106,300
Total Liabilities & Owner's Equity		$           119,200

Account Titles	Debit	Credit
Laundry Revenue	$            232,200
Income Summary		$           232,200
(To close revenue accounts)
Income Summary	$            221,500
Depreciation Expense		$                6,500
Wages Expense		$           126,300
Rent Expense		$              40,000
Utilities Expense		$              19,700
Miscellaneous Expense		$                5,400
Laundry Supplies expense		$              17,900
Insurance Expense		$                5,700
(To close expense accounts)
Income Summary	$              10,700
Sophie, Capital		$              10,700
(To transfer net income)
Sophie, Capital	$              10,000
Sophie, Withdrawls		$              10,000
(To close drawings account)

	Post Closing Trial Balance
Account Titles	Debit	Credit
Cash	$              11,000
Laundry Supplies	$                3,600
Prepaid Insurance	$                3,900
Laundry Equipment	$            232,600
Accumulated Depreciation		$           131,900
Accounts Payable		$              11,800
Wages Payable		$                1,100
Sophie Perez, Capital		$           106,300
Sophie Perez, Withdrawls	$                       -
Laundry Revenue
Depreciation Expense
Wages Expense
Rent Expense
Utilities Expense
Miscellaneous Expense
Laundry Supplies expense
Insurance Expense
Totals	$            251,100	$           251,100