Chapter 4 Completing the Accounting Cycle Obj 2, 3 PR 4-38 T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet S. Net income: The unadjusted trial thalance of la Mesa Laundry at August 31, 2018, the end of the fircal 27.350 follows La Mesa Laundry Unadjusted Trial Balance August 31,2018 Debit Cash. Laundry Supplies Prepaid Insurance. 6,000 180,800 49,200 7,800 15,000 Accumulated Depreciation Accounts Payable Common Stock Retained Earnings 2400 80,000 248,000 135,800 43,200 16,000 3,000 400,000 Miscellaneous Expense.... 400,000 The data needed to determine year-end adjustments are as follows AJ wages accrued but not paid at August 3 1 are $2.200. (B) Depreciation of equipment during the year is $8,150. (C) Laundry supplies on hand at August 31 are $2,000. (D) Insurance premiums expired during the year are $5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "Aug. 31 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 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 retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos." 7. Prepare a post-closing trial balance