Business, 26.12.2021 04:20 romeojose2005

The trial balance of west side Laundromat at July 31,1991, the end of the fiscal year, and the data needed to determine year-end adjustments are as follows. Westside Laundromat
Trial balance
July 31, 1991

Account Title
Debit
Credit

Cash
Laundry supplies
Prepaid insurance
Laundry equipment
Accumulated depreciation
Accounts payable
Ana Perez, capital
Ana Perez, Drawing
Laundry Revenue
Wages expense
Rent expense
Utilities expense
Miscellaneous expense
Br. 7,790
4,750
2,825
85,600

18,000

24,500
15,575
8,500
910

Br. 55,700
4,950
30,900

76,900

Total
Br. 168,450
Br. 168,450

Adjustment data:
(a) Inventory of Laundry supplies at July 31 Br. 1,840
(b) Insurance premiums expired during the year 1,500
(c) Depreciation on equipment during the year 5,720
(d) Wages accrued but not paid at July 31 850
Instructions:
1. Record the trial balance on a ten-column worksheet and complete the worksheet.
2. Prepare an income statement, a statement of owner’s equity and a balance sheet. (No additional investments were made during the year).
3. On the basis of the adjustment data in the worksheet, journalize the adjusting & closing entries.

Answers: 1

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The trial balance of west side Laundromat at July 31,1991, the end of the fiscal year, and the data...