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The unadjusted trial balance of Launderland

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PR 4-3A T accounts, adjusting entries, financial statements, and closing entries; optional
end-of-period spreadsheet (work sheet)

The unadjusted trial balance of Launderland at November 30, 2012, the end of the current
fiscal year, is shown below.

Launderland
Unadjusted Trial Balance
November 30, 2012

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000
Laundry Supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,900
Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600
Laundry Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000
Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,400
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,800
Gene Halsey, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,600
Gene Halsey, Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,400
Laundry Revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,200
Wages Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,000
Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
Utilities Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,700
Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400
500,000 500,000

The data needed to determine year-end adjustments are as follows:

a. Laundry supplies on hand at November 30 are $5,000.

b. Insurance premiums expired during the year are $6,400.

c. Depreciation of equipment during the year is $7,000.

d. Wages accrued but not paid at November 30 are $1,500.

Instructions

1. For each account listed in the unadjusted trial balance, enter the balance in a T account.
Identify the balance as “November 30 Bal.” In addition, add T accounts for Wages Payable,
Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary.

2. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work
sheet) and complete the spreadsheet. Add the accounts listed in part (1) as needed.

3. Journalize and post the adjusting entries. Identify the adjustments by “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 by “Clos.”

7. Prepare a post-closing trial balance.

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