CH 4 HW PDF

 

Student: immay sillacay

Assignment: Ch 4 HW

Take Details  Assignment score: 100% Total Time spent: 5 hours, 34 minutes, 50 seconds Score for selected take: 100% (4/4) Time spent on selected take:

1. Correct answer:

 Olympia  Olymp ia Consulting Consulting

Income Incom e Statemen Statementt For the Year Ended April 30, 2014 $ 60000

Fees earned  Expenses: $ 32450

Salary expense

 Supplies expense

1800

 Depreciation expense

750

 Miscellaneous expense

1500

 Total expenses

36500

$ 23500

 Net income

 Olympia a Consulting Consulting  Olympi Statement of Owner's Equity For the Year Ended April 30, 2014 2014 $ 82200

Raul Hann, capital, May 1, 2013

 Net income

 Less withdrawals

 Increase in owner's equity

 Raul Hann, capital, April 30, 2014

$ 23500

2000

21500

$ 103700

 

 Ollympia Consulting  O Balance Sheet  Ap  A pril 30, 2014  Assets  Current assets: $ 27500

Cash

 Accounts receivable

53500

 Supplies

1200

$ 82200

 Total current assets  Property, plant, and equipment: $ 30500

Office equipment

 Less accumulated depreciation

5250

 Total property, plant, and equipment

25250

$ 107450

 Total assets Liabilities  Current liabilities:  Accounts payable

 Salaries payable

$ 3300

450

$ 3750

 Total liabilities Owner's Equity  Raul Hann, capital

 Total liabilities and owner's equity

103700

$ 107450

Your answer:

eBook

Financial Statements from the End-of-Period Spreadsheet Olympia Consulting is a consulting firm owned and operated by Raul Hann. The following end-of-period spreadsheet was prepared for the year ended April 30, 2014.

 

Based on the preceding spreadsheet, prepare an income statement for Olympia Consulting.

 Olympia Consult Consulting ing Income Statemen Statementt For the Year Ended April 30, 2014 $

Fees earned

60000

 Expenses: $

Salary expense

32450

 Supplies expense

1800

 Depreciation expense

750

 Miscellaneous expense

1500

 Total expenses

36500 $

 Net income

23500

 

Based on the preceding spreadsheet, prepare a statement of owner's equity for Olympia Consulting.

 Olympia Consult Consulting ing Statement of Owner's Equity Equity For the Year Ended April 30, 2014 $

Raul Hann, capital, May 1, 2013

 Net income

 Less withdrawals

 Increase in owner's equity

 Raul Hann, capital, April 30, 2014

 

$

82200

23500

2000 21500 $

103700

 

Based on the preceding spreadsheet, prepare a balance sheet for Olympia Consulting.

 Ollympia Consulting  O Balance Sheet  Ap  A pril 30, 2014  Assets  Current assets: $

Cash

27500

 Accounts receivable

53500

 Supplies

1200

 Total current assets

$

82200

 Property, plant, and equipment: $

Office equipment

30500

5250

 Less accumulated depreciation

 Total property, plant, and equipment

25250

 Total assets

$

107450

$

3750

Liabilities  Current liabilities: $

Accounts payable

3300

450

 Salaries payable

 Total liabilities Owner's Equity

103700

  Raul Hann, capital

$

 Total liabilities and owner's equity  

2. Correct answer:

 Weir  W eird d Sport Sports s Statement of Owner's Equity For the Year Ended June 30, 2014 $ 115800

Paige Demar, capital, July 1, 2013

 Net loss

Plus withdrawals

Decrease in owner's equity

Paige Demar, capital, June 30, 2014

Your answer:

$ 20900

24000

44900

$ 70900

107450

 

eBook

Statement of Owner's Equity; Net Loss Selected accounts from the ledger of Weird Sports for the current fiscal year ended June 30, 2014, are as follows:

Prepare a statement of owner's equity for the year.

 Weird  Weir d Sport Sports s Statement Stateme nt of Owner's Equity For the Year Ended June 30, 2014 $

Paige Demar, capital, July 1, 2013

 Net loss

 Plus withdrawals

 Decrease in owner's equity

 Paige Demar, capital, June 30, 2014

 

3. Correct answer:

$

115800

20900

24000 44900 $

70900

 

 L  La abrador Weight Loss Co. Balance Sheet  Ju  J une 30, 2014  Assets  Current assets: $ 37500

Cash

 Accounts receivable

78250

 Supplies

5350

 Prepaid insurance

19200

 Prepaid rent

18000

$ 158300

 Total current assets  Property, plant, and equipment: $ 290000

Land

 Equipment

 Less accumulated depreciation

$ 300000

103300

196700

 Total property, plant, and equipment

486700

$ 645000

 Total assets Liabilities  Current liabilities: $ 18500

 Accounts payable

 Salaries payable

8500

 Unearned fees

9000

$ 36000

 Total liabilities Owner's Equity  Shi Deng, capital

 Total liabilities and owner's equity

Your answer:

609000

$ 645000

 

eBook

Balance Sheet Labrador Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2014, the end of the current fiscal year, the balances of selected accounts from the ledger of Labrador Weight Loss Co. are as follows:

Prepare a classified balance sheet that includes the correct balance for Cash.

 La  L abrador Weight Loss Co. Balance Sheet  Ju  J une 30, 2014  Assets  Current assets: $

Cash

37500

 Accounts receivable

78250

 Supplies

5350

 Prepaid insurance

19200

 Prepaid rent

18000

 Total current assets

$

158300

 Property, plant, and equipment: $

Land

 Equipment

 Less accumulated depreciation

$

290000

300000

103300

196700

 Total property, plant, and equipment

486700

 Total assets

$

645000

$

36000

Liabilities  Current liabilities: $

Accounts payable

18500

 Salaries payable

8500

 Unearned fees

9000

 Total liabilities Owner's Equity   Shi Deng, capital

 Total liabilities and owner's equity  

609000 $

645000

 

4. Correct answer:

 1.

Inco Income me Su Summ mmar ary y

12 12265 2650 0

 Darcy Lewis, Capital

 2.

Darc Darcy y Lewis Lewis,, Cap Capita itall

122650

55000 55000

 Darcy Lewis, Drawing

55000

Your answer:

eBook Closing Entries with Net Income

After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $490,750 and a credit of $613,400. At the same date, Darcy Lewis, Capital has a credit balance of $833,600, and Darcy Lewis, Drawing has a balance of $55,000.

a. Journalize the entries required to (1) close net income or net loss and (2) close the drawing account.

 1.

Income Summary

122650 122650

 Darcy Lewis, Capital

 2.

Darcy Lewis, Capital

55000

 Darcy Lewis, Drawing

 

b. Determine the amount of Darcy Lewis, Capital at the end of the period.

$ 901250 5. Correct answer:

55000

 

 Close revenues

Fees Earned

337900

 Income Summary

 Close expenses

 Close net income/net loss

Income Summary

337900

362000

0

 Wages Expense

0

277500

 Rent Expense

0

54000

 Supplies Expense

0

14300

 Miscellaneous Expense

0

16200

Gail Sabatini, Capital

24100

 Income Summary

 Close drawing

Gail Sabatini, Capital  Gail Sabatini, Drawing

Your answer:

24100

45000 45000

 

eBook Closing Entries with Net Loss

Grande Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Grande Services Co.

Journalize the four entries required to close the accounts. For a compound transaction, if an amount box does not require an entry entry,, leave it blank.

 Close revenues revenues

Fees Earned

337900 337900

 Income Summary

 Close expenses expenses

 Close net income/net loss

362000

blank  

 Wages Expense

blank

277500

 Rent Expense

blank

54000

 Supplies Expense

blank

14300

 Miscellaneous Expense

blank

16200

Income Summary

Gail Sabatini, Capital

24100 24100

 Income Summary

 Close drawing drawing

Gail Sabatini, Capital

 Gail Sabatini, Drawing

 

6. Correct answer:

45000 45000

 

Security Services Co.  Alert Security End-of-Period Spreadsheet (Work Sheet) For the Year Ended October 31, 2014  Account Title

Unadjusted Trial Balance Debit

Unadjusted Trial Balance Credit

Adjustments Debit

Adjustments Credit

Adjusted Trial Balance Debit

Adjusted Trial Balance Credit

12

blank

blank

12

blank

 

 Accounts Receivable

90

13

blank

103

blank

 

 Supplies

8

blank

4

4

blank

 

 Prepaid Insurance

12

blank

10

2

blank

 

 Land

190

blank

blank

190

blank

 

 Equipment

50

blank

blank

50

blank

 

7

Cash

 Accum. Depr.-Equipment

4

blank

3

blank

 Accounts Payable

36

blank

blank

blank

 Wages Payable

0

blank

1

blank

 Brenda Schultz, Capital

260

blank

blank

blank

blank

blank

8

blank

13

blank

110

1

blank

111

blank

Rent Expense

12

blank

blank

12

blank

Insurance Expense

0

10

blank

10

blank

Utilities Expense

6

blank

blank

6

blank

Supplies Expense

0

4

blank

4

blank

 

Depreciation Expense

0

3

blank

3

blank

 

Miscellaneous Expense

2

blank

blank

2

blank

Totals

500

31

31

517

517

 Brenda Schultz, Draw ing

8

 Fees Earned  Wages Expense

Your answer:

200

500

 

36  

 

1

260 blank  

 

213  

     

 

 

Appendix: Adjustment Data on an End-of-Period Spreadsheet Spreadsheet (Work Sheet) Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the end-of-period spreadsheet (work sheet) for the year ended October 31, 2014, shown below.

The data for year-end adjustments are as follows: a. Fees earned, but not y yet et billed, $13. b. Supplies on hand, $4. c. Insurance premiums premiums expired, $10. $10. d. Depreciation e expense, xpense, $3. $3. e. Wages accrued, but not paid, paid, $1.

 

entry,, leave it blank. Enter the adjustment data, and place the balances in the Adjusted Trial Balance columns. If a box does not require an entry

 Alert Security Services Services Co. End-of-Period Spreadsheet (Work Sheet)  For the Year Ended October 31, 2014  Account Title

Unadjusted T Trial rial Balance Debit

 Cash

Adjustments Debit

Adjustments Credit

Adjusted T Trial rial Balance Debit

Adjusted T Trial rial Balance Cred

12

blank

blank

12

blank

 Acc ounts Rec eivable

90

13

blank

103

blank

 Supplies

8

blank

4

4

blank

 Prepaid Insuranc e

12

blank

10

2

blank

 

 Land

190

blank

blank

190

blank

 

 Equipment

50

blank

blank

50

blank

 

blank

3

blank

7

 Acc um. Depr Depr.-Equipment .-Equipment

Unadjusted T Trial rial Balance Credit

 4

 Acc ounts Payable

36

blank

blank

blank

36

 Wages Payable

0

blank

1

blank

1

 Brenda Schultz, Capital

260

blank

blank

blank

260

blank

blank

8

blank

blank

13

blank

213

 Brenda Schultz, Drawing  8

 Fees Earned

200

     

 

 Wages Expense

110

1

blank

111

blank

 

 Rent Expense

12

blank

blank

12

blank

 

 Insurance Expense

0

10

blank

10

blank

 

 Utilities Expense

6

blank

blank

6

blank

 

 Supplies Expense

0

4

blank

4

blank

 

 Deprec iation Expense

0

3

blank

3

blank

 

 Misc ellaneous Expense

2

blank

blank

2

blank

 

 Totals

500

31

31

517

517

 

7. Correct answer:

500

 

 Alert Security Services Co. End-of-Period Spreadsheet (Work Sheet)  For the Year Ended October 31, 2014  Account Title Cash

Adjusted Trial Balance Debit

Adjusted Trial Balance Credit

Income Statement Debit

Income Statement Credit

Balance Sheet Debit

Balance Sheet Credit

12

blank

blank

12

blank

 

 Accounts Receivable

103

blank

blank

103

blank

 

 Supplies

4

blank

blank

4

blank

 

 Prepaid Insurance

2

blank

blank

2

blank

 

 Land

190

blank

blank

190

blank

 

 Equipment

50

blank

blank

50

blank

 

7

 Accum. Depr.-Equipment

7

blank

blank

blank

 Accounts Payable

36

blank

blank

blank

 

36

 Wages Payable

1

blank

blank

blank

 

1

 Brenda Schultz, Capital

260

blank

blank

blank

 

260

blank

blank

8

blank

 

blank

213

blank

blank

 

111

111

blank

blank

blank

 

Rent Expense

12

12

blank

blank

blank

 

Insurance Expense

10

10

blank

blank

blank

 

Utilities Expense

6

6

blank

blank

blank

 

Supplies Expense

4

4

blank

blank

blank

 

Depreciation Expense

3

3

blank

blank

blank

 

Miscellaneous Expense

2

2

blank

blank

blank

 

Totals

517

148

213

369

304

65

blank

blank

65

213

213

369

369

 Brenda Schultz, Draw ing

8

 Fees Earned  Wages Expense

 Net income (loss)

Your answer:

213

517

 

Appendix: Completing an End-of-Period Spreadsheet (Work Sheet) Alert Security Services Co. offers security services to business clients.

 

Complete the following end-of-period spreadsheet (work sheet) for Alert Security Services Co. If an amount box does not require an entry entry,, leave it blank.

 Alert Security Services Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended October 31, 2014  Account Title

Income Statement Debit

Income Statement Credit

Balance Sheet Debit

Balance Sheet Credit

12

blank

blank

12

blank

 Acc ounts Rec eivable

103

blank

blank

103

blank

 Supplies

4

blank

blank

4

blank

 Prepaid Insuranc e

2

blank

blank

2

blank

 Land

190

blank

blank

190

blank

 

 Equipment

50

blank

blank

50

blank

 

blank

blank

blank

7

Cash

Adjusted T Trial rial Balance Debit

 Acc um. Depr Depr.-Equipment .-Equipment

Adjusted T Trial rial Balance Credit

 7

       

 Acc ounts Payable

36

blank

blank

blank

36

 Wages Payable

1

blank

blank

blank

1

 Brenda Schultz, Capital

260

blank

blank

blank

260

blank

blank

8

blank

blank

213

blank

blank

 

 Brenda Schultz, Drawing  8

 Fees Earned

213

 

 Wages Expense

111

111

blank

blank

blank

 

 Rent Expense

12

12

blank

blank

blank

 

 Insurance Expense

10

10

blank

blank

blank

 

 Utilities Expense

6

6

blank

blank

blank

 

 Supplies Expense

4

4

blank

blank

blank

 

 Deprec iation Expense

3

3

blank

blank

blank

 

 Misc ellaneous Expense

2

2

blank

blank

blank

 

 Totals

517

148

213

369

304

65

blank

blank

65

213

213

369

369

 Net income (loss)

 

8. Correct answer:

517

 

 Alert Security Security Services Co. Income Inco me Statemen Statementt For the Year Ended October 31, 2014 $ 213

Fees earned  Expenses: Wages expense

$ 111

Rent expense

12

Insurance Expense

10

Utilities expense

6

Supplies expense

4

Depreciation expense

3

Miscellaneous expense

2

148

Total expenses

$ 65

Net income

 Alert Security Security Services Co. Statement of Owner's Equity For the Year Ended October 31, 2014 $ 260

Brenda Schultz, capital, November 1, 2013

 Net income

 Less withdrawals

Increase in owner's equity

 Brenda Schultz, capital, October 31, 2014

$ 65

8

57

$ 317

 

 A  Allert Security Services Co. Balance Sheet  Oc  O ctober 31, 2014  Assets  Current assets: $ 12

Cash

 Accounts receivable

103

 Supplies

4

 Prepaid insurance

2 $ 121

 Total current assets  Property, plant, and equipment: Land

 Equipment

 Less accumulated depreciation

$ 190

$ 50

7

43

 Total property, plant, and equipment

233

$ 354

 Total assets Liabilities  Current liabilities:  Accounts payable

 Wages payable

$ 36

1

$ 37

 Total liabilities Owner's Equity  Brenda Schultz, capital

 Total liabilities and owner's equity

317

$ 354

Your answer:

Appendix: Financial Statements From an End-of-Period Spreadsheet (Work (Work Sheet) Alert Security Services Co. offers security services to business clients.

 

Prepare an income statement for Alert Security Services Co.

 Alert Security Services Co. Income Statemen Statementt For the Year Ended October 31, 2014 $

Fees earned

213

 Expenses: 111

$

Wages expense

 Rent expense

12

 Insurance Expense

10

 Utilities expense

6

 Supplies expense

4

 Depreciation expense

3

 Miscellaneous expense

2

 Total expenses

148 $

 Net income

65

 

Prepare a statement of owner's equity for Alert Security Services Co.

 Alert Security Services Services Co. Statement of Owner's Equity For the Year Ended October 31, 2014 $

Brenda Schultz, capital, November 1, 2013

 Net income

 Less withdrawals

 Increase in owner's equity

 Brenda Schultz, capital, October 31, 2014

 

$

260

65

8 57 $

317

 

Prepare a balance sheet for Alert Security Services Co.

 Allert Security Services Co.  A Balance Sheet  Oc  O ctober 31, 2014  Assets  Current assets: $

Cash

12

 Accounts receivable

103

 Supplies

4

 Prepaid insurance

2

 Total current assets

$

121

 Property, plant, and equipment: Land

 Equipment

 Less accumulated depreciation

$

$

190

50

7

43

 Total property, property, plant, and equipment

233

 Total assets

$

354

$

37

Liabilities  Current liabilities: $

Accounts payable

36

1

 Wages payable

 Total liabilities Owner's Equity   Brenda Schultz, capital

 Total liabilities and owner's equity  

9. Correct answer: Laundry Supplies Expense Laundry Supplies Insurance Expense Prepaid Insurance Depreciation Expense Accumulated Depreciation Wages Expense Wages Payable June 30 Adj. June 30 Adj. Bal. June 30 Adj. June 30 Adj. Bal. June 30 Adj. June 30 Adj. Bal. June 30 Adj. June 30 Clos. June 30 Clos. June 30 Bal. June 30 Clos. June 30 Clos. June 30 Clos.

317 $

354

 

; Wages Expense ; Rent Expense ; Utilities Expense ; Laundry Supplies Expense ; Depreciation Expense ; Insurance Expense ; Miscellaneous Expense ; Income Summary Sophie Perez, Capital Sophie Perez, Capital Sophie Perez, Drawing Cash ; Laundry Supplies ; Prepaid Insurance ; Laundry Equipment ; Accumulated Depreciation ; Accounts Payable ; Wages Payable ; Sophie Perez, Capital ;

Your answer:

Problem-Solving Stra St rate tegy gy Pro Probl blem em-So -Solv lvin ing g

eBook

Stra St rate tegy gy

Probl Pro blem em-So -Solv lvin ing g

Stra St rate tegy gy

Probl Pro blem em-So -Solv lvin ing g

Stra St rate tegy gy

Probl Pro blem em-So -Solv lvin ing g

Stra St rate tegy gy

Probl Pro blem em-So -Solv lvin ing g

Stra St rate tegy gy

Probl Pro blem em-So -Solv lvin ing g

 

Strategy

Statements, s, and Closing Entries T Accounts, Adjusting Entries, Financial Statement The unadjusted trial balance of Epicenter Laundry at June 30, 2014, the end of the current fiscal year, is shown below.

The data needed to determine year-end adjustments are as follows: a. Laundry supplies on hand at June 30 are $ $3,600. 3,600. b. Insurance premiums ex expired pired during the year are $ $5,700. 5,700. c. Depreciation of laundry equipment equipment during the yea yearr is $6,500. d. Wages accrue accrued d but not paid at June 30 are $1 $1,100. ,100. Required: 1. The beginning account balances from the unadjusted trial balance, as of June 30th, have been entered in the T accounts in part 3 below. The T accounts will be used in parts 3 and 2. (Optional.) On your own paper paper,, enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. 3.

Journalize the adjusting entries. Then, post the entries in the T accounts below. Adjustments are identified by "Adj.", the new balances as "Adj. Bal." and closing entries as "Clos."

 

Date

Account

Debit

Cr Credit

  a.

Laundry Supplies Expense

17900

Laundry Supplies

17900

  b.

Insurance Expense

5700

Prepaid Insurance

5700

  c.

Depreciation Expense

6500

Accumulated Depreciation

6500

  d.

Wages Expense

1100

Wages Payable

1100

The T accounts below are used to complete the posting requirements for part 3 and 6. Cash

11,00 11,000 0

Laundry Supplies

21,500 June 30 Adj. June 30 Adj. Bal.

17900

3600

Prepaid Insurance

9,600 June 30 Adj. June 30 Adj. Bal.

5700

3900

Laundry Equipment

232 232,600 ,600

Accumulated Depreciation

 

125,400

 

June 30 Adj.

 

June 30 Adj. Bal.

6500 131900

Accounts Payable

 

11,800

Wages Payable

 

June 30 Adj.

1100

Sophie Perez, Capital

June 30 Clos.

10000

105,600

 

June 30 Clos.

 

June 30 Bal.

10700 106300

Sophie Perez, Drawing

10,000 June 30 Clos.

10000

Income Summary

June 30 Clos. June 30 Clos.

221500 June 30 Clos. 10700

232200

 

Laundry Revenue

June 30 Clos.

232200

232,200

Wages Expense

125,200 June 30 Clos. June 30 Adj.

126300

1100

June 30 Adj. Bal.

126300

Rent Expense

40,000 June 30 Clos.

40000

Utilities Expense

19,700 June 30 Clos.

19700

Laundry Supplies Expense

June 30 Adj.

17900 June 30 Clos.

17900

Depreciation Expense

June 30 Adj.

6500 June 30 Clos.

6500

Insurance Expense

June 30 Adj.

5700 June 30 Clos.

5700

Miscellaneous Expense

5,400 June 30 Clos.

5400

4. Prepare an adjusted trial balance. If a box does not require an entry entry,, leave it blank.

Epicenter Laundry Adjusted Trial Balance June 30, 2014  

Deb Debit it Balanc Balances es Credit Credit Bal Balanc ances es

Cash

11000

blank

3600

blank

3900 232600

blank blank

Accumulated D De epreciation

blank

131900

Accounts Payable

blank

11800

Wages Payable

blank

1100

Sophie Perez, Capital

blank

105600

Sophie Perez, Drawing

10000

blank

Laundry Revenue

blank

232200

126300

blank

Rent Expense

40000

blank

Utilities Expense

19700

blank

Laundry Supplies Expense

17900

blank

Depreciation Expense

6500

blank

Insurance Expense Miscellaneous Expense

5700 5400

blank blank

4 82600 48

482600

Laundry Supplies Prepaid Insurance Laundry Equipment

Wages Expense

  5. Prepare an income statement.

 

Epicenter Laundry Income Statement For the Year Ended June 30, 2014

Laundry revenue

232200

Expenses: Wages expense

126300

Rent expense

40000

Utilities expense

19700

Laundry supplies expense

17900

Depreciation expense

6500

Insurance expense

5700

Miscellaneous expense

5400

Total Expenses

221500

Net income

10700

Prepare a statement of owner's equity (no additional i nvestment nvestments s were made during the year). Epicenter Laundry Statement of Owner's Equity For the Year Ended June 30, 2014

So ph ph iie e Per ez ez, c a ap p iitta l, l, J u ull y 1 , 201 3

105600

Net income for the year

10700

Less withdrawals

10000

Increase in owner's equity

700

So Soph phie ie Perez erez,, ca capi pita tal, l, June June 3 0 0,, 2 0 01 14

10 06 63 30 00

Prepare a balance sheet. Epicenter Laundry Balance Sheet June 30, 2014

Assets

Liabilities

Current assets:

Current liabilities:

Cash

11000

Laundry supplies

3600

Prepaid insurance

3900

Total current assets

Accounts payable Wages payable

11800 1100

Total liabilities 18500

Property, plant, and equipment:

Owner's Equity

Laundry equipment

232600

Less accumulated depreciation

131900

Sophie Perez, capital

Total property, plant, and equipment

100700

Total assets

119200

Total liabilities and owner's equity

6. Journalize the closing entries. For a compound transaction, if an amount box does not require an entry, leave it blank. Then post the entries to the T accounts in part 3 above.

Date

Close revenues

Account

Laundry Revenue

Debit

Credit

232200

Income Summary

232200

  Close expenses

Income Summary

221500

blank

 

Wages Expense

blank

126300

   

Rent Expense Utilities Expense

blank blank

40000 19700

 

Laundry Supplies Expense

blank

17900

 

Depreciation Expense

blank

6500

 

 

Insurance Expense

blank

5700

 

Miscellaneous Expense

blank

5400

  Close income/loss Income Summary

10700

Sophie Perez, Capital

10700

  Close drawing

Sophie Perez, Capital

10000

Sophie Perez, Drawing

10000

7. Prepare a post-closing trial balance. If a box does not require an entry, leave it blank.

Epicenter Laundry Post-Closing Trial Balance June 30, 2014  

Cash

Deb Debit it Balanc Balances es Credit Credit Bal Balanc ances es

11000

blank

Laundry Supplies

3600

blank

Prepaid Insurance

3900

blank

232600

blank

Accumulated D De epreciation

blank

131900

Accounts Payable

blank

11800

Wages Payable

blank

1100

Sophie Perez, Capital

blank

106300

2 51100 25

251100

Laundry Equipment