Q 2 ASSETS CHART OF ACCOUNTS Epicenter Laundry General Ledger 11 Cash 13 Laundry Supplies 14...

 

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Q 2 ASSETS CHART OF ACCOUNTS Epicenter Laundry General Ledger 11 Cash 13 Laundry Supplies 14 Prepaid Insurance 16 Laundry Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Wages Payable REVENUE 41 Laundry Revenue EXPENSES 51 Wages Expense 52 Rent Expense 53 Utilities Expense I 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense Journal Chart of Accounts Q 3 13 Laundry Supplies 14 Prepaid Insurance 16 Laundry Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Wages Payable EQUITY 31 Sophie Perez, Capital 32 Sophie Perez, Drawing 33 Income Summary EXPENSES 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense Chart of Accounts Q 2 Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30, 20Y3 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner s equity Increase in owner s equity Net income Net loss Sophie Perez, capital, June 30, 20Y3 X e Chart of Accounts Q 2 Labels and Amount Descriptions Decrease in owner s equity Increase in owner s equity Net income Net loss Sophie Perez, capital, June 30, 20Y3 Sophie Perez, capital, July 1, 20Y2 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner s equity Total property, plant, and equipment Withdrawals X B T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Journal Journal 3.a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. 6.a. Journalize the closing entries on page 11 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owner s equity, and the balance sheet BEFORE completing part 6. a.) Question not attempted. 1 2 3 Refer to the chart of accounts for the exact wording of the account titles, CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered DATE DESCRIPTION Adjusting Entries JOURNAL POST. REF DEBIT Score: 0/260 CREDIT Shaded cells have feedback. PAGE 10 ACCOUNTING EQUATION ASSETS PAGE 11 H LIABILITIES EQUITY Previous Journal DATE Earthiank DESCRIPTION Adjusting Entries POST. REF. DEBIT SUMME CREDIT ASSETS Shaded cells have feedback LIABILITIES Points: EQUITY 0/63 Instructions Chart of Accounts Journal Question not attempted. 1 3.a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. 6.a. Journalize the closing entries on page 11 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owner s equity, and the balance sheet BEFORE completing part 6. a.) Labels and Amount Descriptions T Accounts Work Sheet DATE Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every ine on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Check My Work DESCRIPTION Closing Entries JOURNAL All work saved. POST, REF DEBIT Journal Score: 0/260 CREDIT Email Instructor Shaded cells have feedback ASSETS PAGE 10 10 ACCOUNTING EQUATION PAGE 11 Save and Exit LIABILITIES EQUITY Previous Submit Assignment for Gra Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Journal Journal DATE DESCRIPTION Closing Entries POST. REF DENT CREDIT ASSETS 7 Shaded cells have feedback LIABILITIES EQUITY Instructions Chart of Accounts Jou Adjusted Trial Balance 2 3 8 9 10 11 12 ACCOUNT TITLE 1 Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable 8 Sophie Perez, Capital 9 Sophie Perez, Drawing 10 Laundry Revenue Labels and Amount Descriptions T Accounts Epicenter Laundry ADJUSTED TRIAL BALANCE June 30, 2013 Shaded cells have feedback. X Score: 6/71 DEBIT Work Sheet CREDIT I CREDIT Instructions Chart of Accounts Jou Adjusted Trial Balance 1 2 3 4 5 6 8 9 10 11 12 Accumutated Depreciation 6 Accounts Payable 7 Wages Payable 8 Sophie Perez, Capital 9 Sophie Perez, Drawing 10 Laundry Revenue 11 Wages Expense 12 Rent Expense 13 Utilities Expense 14 Laundry Supplies Expense 15 Depreciation Expense 16 Insurance Expense 17 Miscellaneous Expense 18 Totals Labels and Amount Descriptions T Accounts Work Sh Shaded cells have feedback. X I CR Instructions Chart of Accounts Income Statement Question not attempted. Labels and Amount Descriptions T Accounts Work Sheet 1 5. Prepare an income statement for the year ended June 30, 2013. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement. Epicenter Laundry. Income Statement (Label) Journal Score: 0/95 Shaded cells have feedback. Instructions Chart of Accounts Income Statement 1 2 (Label) 3 5 6 7 3 9 10 11 Check My Work entries; optional end-of-period spreadsheet Labels and Amount Descriptions T Accounts Work Sheet Journ Epicenter Laundry Income Statement (Label) Score: 0795 Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Income Statement Statement of Owner s Equity Question not attempted. 5. Prepare a statement of owner s equity for the year ended June 30, 20Y3 No additional investments were made during the year Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign Epicenter Laundry Statement of Owner s Equity (Label) Journal Score: 0/50 Shaded cods have feedback. Shaded cells have feedback. Instructions Chart of Accounts Income Statement Statement of Owner s Equity 1 2 3 4 5 Labels and Amount Descriptions Epicenter Laundry Statement of Owner s Equity (Label) T Accounts Work Shee Income Statement Statement of Owner s Equity Balance Sheet 5. Prepare a balance sheet as of June 30, 2013. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons () or the word Less on the balance sheet, they will automatically insert where necessary Enter all values as positive amounts. Question not attempted. Assets Epicenter Laundry Balance Sheet (Label) Shaded cells have feedback Shaded cells have feedback Shaded cells have feedback. Score: 0/114 < Income Statement Statement of Owner s Equity Balance Sheet 1 2 (Label) 3 5 6 7 (Label) Assets Epicenter Laundry Balance Sheet (Label) Score: 0/114 Income Statement Statement of Owner s Equity Balance Sheet 6 7 (Label) 8 9 10 11 12 13 (Label) 14 15 16 11 Liabilities eBook T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period sprea Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Shee Income Statement Statement of Owner s Equity Balance Sheet 12 13 (Label) 14 15 16 17 Calculator 18 19 Liabilities Owner s Equity J Post-closing Trial Balance Epicenter Laundry POST-CLOSING TRIAL BALANCE June 30, 20Y3 ACCOUNT TITLE 1 Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable 8 Sophie Perez, Capital 9 Totals Shaded cells have feedback. X Score: 0/35 DEBIT CREDIT CREDIT Book Calculator Check My Work 1 Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment s Accumulated Depreciation 6 Accounts Payable 7 Sophie Perez, Capital 8 Sophie Perez, Drawing 9 Laundry Revenue 10 Wages Expense 11 Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 14 Totals Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 20Y3 ACCOUNT TITLE Bacteria itr vor are having the sites on to DEBIT 11,000.00 21,500.00 9,600.00 232,600.00 10,000.00 125,200.00 40,000.00 19,700.00 5,400.00 475,000,00 CREDIT 125,400.00 11,800.00 105,600.00 232,200.00 475,000.00 The data needed to determine year-end adjustments are as follows: • Laundry supplies on hand at June 30 are $3,600. • Insurance premiums expired during the year are $5,700. Depreciation of laundry equipment during the year is $6,500. Wages accrued but not paid at June 30 are $1,100. . . Required: 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as Bal. 2. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. 3. a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. b. Post the adjusting entries. In the T accounts, identify the adjustments by Adj. and the new balances as Adj. Bal. (Be sure to add a posting reference to the journal.) 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner s equity, and a balance sheet. 6. a. Journalize the closing entries on page 11 of the journal. b. Post the closing entries. In the T accounts, identify the closing entries by Clos. (Be sure to add a posting reference to the journal.) 7. Prepare a post-closing trial balance. Be sure to read the instructions for each financial statement carefully. Check My Work Previous Q 2 ASSETS CHART OF ACCOUNTS Epicenter Laundry General Ledger 11 Cash 13 Laundry Supplies 14 Prepaid Insurance 16 Laundry Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Wages Payable REVENUE 41 Laundry Revenue EXPENSES 51 Wages Expense 52 Rent Expense 53 Utilities Expense I 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense Journal Chart of Accounts Q 3 13 Laundry Supplies 14 Prepaid Insurance 16 Laundry Equipment 17 Accumulated Depreciation LIABILITIES 21 Accounts Payable 22 Wages Payable EQUITY 31 Sophie Perez, Capital 32 Sophie Perez, Drawing 33 Income Summary EXPENSES 51 Wages Expense 52 Rent Expense 53 Utilities Expense 54 Laundry Supplies Expense 55 Depreciation Expense 56 Insurance Expense 59 Miscellaneous Expense Chart of Accounts Q 2 Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended June 30, 20Y3 June 30, 20Y3 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner s equity Increase in owner s equity Net income Net loss Sophie Perez, capital, June 30, 20Y3 X e Chart of Accounts Q 2 Labels and Amount Descriptions Decrease in owner s equity Increase in owner s equity Net income Net loss Sophie Perez, capital, June 30, 20Y3 Sophie Perez, capital, July 1, 20Y2 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner s equity Total property, plant, and equipment Withdrawals X B T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Journal Journal 3.a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. 6.a. Journalize the closing entries on page 11 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owner s equity, and the balance sheet BEFORE completing part 6. a.) Question not attempted. 1 2 3 Refer to the chart of accounts for the exact wording of the account titles, CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered DATE DESCRIPTION Adjusting Entries JOURNAL POST. REF DEBIT Score: 0/260 CREDIT Shaded cells have feedback. PAGE 10 ACCOUNTING EQUATION ASSETS PAGE 11 H LIABILITIES EQUITY Previous Journal DATE Earthiank DESCRIPTION Adjusting Entries POST. REF. DEBIT SUMME CREDIT ASSETS Shaded cells have feedback LIABILITIES Points: EQUITY 0/63 Instructions Chart of Accounts Journal Question not attempted. 1 3.a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. 6.a. Journalize the closing entries on page 11 of the journal. (Note: Complete the adjusted trial balance, the income statement, the statement of owner s equity, and the balance sheet BEFORE completing part 6. a.) Labels and Amount Descriptions T Accounts Work Sheet DATE Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every ine on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Check My Work DESCRIPTION Closing Entries JOURNAL All work saved. POST, REF DEBIT Journal Score: 0/260 CREDIT Email Instructor Shaded cells have feedback ASSETS PAGE 10 10 ACCOUNTING EQUATION PAGE 11 Save and Exit LIABILITIES EQUITY Previous Submit Assignment for Gra Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Journal Journal DATE DESCRIPTION Closing Entries POST. REF DENT CREDIT ASSETS 7 Shaded cells have feedback LIABILITIES EQUITY Instructions Chart of Accounts Jou Adjusted Trial Balance 2 3 8 9 10 11 12 ACCOUNT TITLE 1 Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable 8 Sophie Perez, Capital 9 Sophie Perez, Drawing 10 Laundry Revenue Labels and Amount Descriptions T Accounts Epicenter Laundry ADJUSTED TRIAL BALANCE June 30, 2013 Shaded cells have feedback. X Score: 6/71 DEBIT Work Sheet CREDIT I CREDIT Instructions Chart of Accounts Jou Adjusted Trial Balance 1 2 3 4 5 6 8 9 10 11 12 Accumutated Depreciation 6 Accounts Payable 7 Wages Payable 8 Sophie Perez, Capital 9 Sophie Perez, Drawing 10 Laundry Revenue 11 Wages Expense 12 Rent Expense 13 Utilities Expense 14 Laundry Supplies Expense 15 Depreciation Expense 16 Insurance Expense 17 Miscellaneous Expense 18 Totals Labels and Amount Descriptions T Accounts Work Sh Shaded cells have feedback. X I CR Instructions Chart of Accounts Income Statement Question not attempted. Labels and Amount Descriptions T Accounts Work Sheet 1 5. Prepare an income statement for the year ended June 30, 2013. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons (:) on the income statement. Epicenter Laundry. Income Statement (Label) Journal Score: 0/95 Shaded cells have feedback. Instructions Chart of Accounts Income Statement 1 2 (Label) 3 5 6 7 3 9 10 11 Check My Work entries; optional end-of-period spreadsheet Labels and Amount Descriptions T Accounts Work Sheet Journ Epicenter Laundry Income Statement (Label) Score: 0795 Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Sheet Income Statement Statement of Owner s Equity Question not attempted. 5. Prepare a statement of owner s equity for the year ended June 30, 20Y3 No additional investments were made during the year Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign Epicenter Laundry Statement of Owner s Equity (Label) Journal Score: 0/50 Shaded cods have feedback. Shaded cells have feedback. Instructions Chart of Accounts Income Statement Statement of Owner s Equity 1 2 3 4 5 Labels and Amount Descriptions Epicenter Laundry Statement of Owner s Equity (Label) T Accounts Work Shee Income Statement Statement of Owner s Equity Balance Sheet 5. Prepare a balance sheet as of June 30, 2013. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons () or the word Less on the balance sheet, they will automatically insert where necessary Enter all values as positive amounts. Question not attempted. Assets Epicenter Laundry Balance Sheet (Label) Shaded cells have feedback Shaded cells have feedback Shaded cells have feedback. Score: 0/114 < Income Statement Statement of Owner s Equity Balance Sheet 1 2 (Label) 3 5 6 7 (Label) Assets Epicenter Laundry Balance Sheet (Label) Score: 0/114 Income Statement Statement of Owner s Equity Balance Sheet 6 7 (Label) 8 9 10 11 12 13 (Label) 14 15 16 11 Liabilities eBook T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period sprea Instructions Chart of Accounts Labels and Amount Descriptions T Accounts Work Shee Income Statement Statement of Owner s Equity Balance Sheet 12 13 (Label) 14 15 16 17 Calculator 18 19 Liabilities Owner s Equity J Post-closing Trial Balance Epicenter Laundry POST-CLOSING TRIAL BALANCE June 30, 20Y3 ACCOUNT TITLE 1 Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment 5 Accumulated Depreciation 6 Accounts Payable 7 Wages Payable 8 Sophie Perez, Capital 9 Totals Shaded cells have feedback. X Score: 0/35 DEBIT CREDIT CREDIT Book Calculator Check My Work 1 Cash 2 Laundry Supplies 3 Prepaid Insurance 4 Laundry Equipment s Accumulated Depreciation 6 Accounts Payable 7 Sophie Perez, Capital 8 Sophie Perez, Drawing 9 Laundry Revenue 10 Wages Expense 11 Rent Expense 12 Utilities Expense 13 Miscellaneous Expense 14 Totals Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 20Y3 ACCOUNT TITLE Bacteria itr vor are having the sites on to DEBIT 11,000.00 21,500.00 9,600.00 232,600.00 10,000.00 125,200.00 40,000.00 19,700.00 5,400.00 475,000,00 CREDIT 125,400.00 11,800.00 105,600.00 232,200.00 475,000.00 The data needed to determine year-end adjustments are as follows: • Laundry supplies on hand at June 30 are $3,600. • Insurance premiums expired during the year are $5,700. Depreciation of laundry equipment during the year is $6,500. Wages accrued but not paid at June 30 are $1,100. . . Required: 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as Bal. 2. (Optional) On your own paper or spreadsheet, enter the unadjusted trial balance on an end-of-period work sheet and complete the work sheet. 3. a. Journalize the adjusting entries on page 10 of the journal. Adjusting entries are recorded on June 30. b. Post the adjusting entries. In the T accounts, identify the adjustments by Adj. and the new balances as Adj. Bal. (Be sure to add a posting reference to the journal.) 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner s equity, and a balance sheet. 6. a. Journalize the closing entries on page 11 of the journal. b. Post the closing entries. In the T accounts, identify the closing entries by Clos. (Be sure to add a posting reference to the journal.) 7. Prepare a post-closing trial balance. Be sure to read the instructions for each financial statement carefully. 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All working forms part of the answer Adjusting Entries DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 Laundry Supplies expenses ... View the full answer