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EX4S4 The trial balance of Dynamite Laundry at July 31, 2006, the end of the current fiscal year, and the data needed to determine yearend...
EX‐4S4The trial balance of Dynamite Laundry at July 31, 2006, the end of the current fiscalyear, and the data needed to determine year‐end adjustments are as follows:Dynamite LaundryTrial BalanceJuly 31, 2006Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900Laundry Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7,500Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4,800Laundry Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,050Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,100Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100David Duffy, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,800David Duffy, Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000Laundry Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,000Wages Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71,400Rent Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,000Utilities Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,650Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . .2,700250,000 250,000a. Wages accrued but not paid at July 31 are $1,200.b. Depreciation of equipment during the year is $6,800.c. Laundry supplies on hand at July 31 are $1,750.d. Insurance premiums expired during the year are $2,400.3Instructions1. Enter the trial balance on a ten‐column work sheet and complete the work sheet. Addaccounts as needed.2. Prepare an income statement, a statement of owner’s equity (no additional investmentswere made during the year), and a balance sheet.3. On the basis of the adjustment data in the work sheet, journalize the adjusting entries.4. On the basis of the data in the work sheet, journalize the closing entries.
