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Category > Management Posted 21 Nov 2017 My Price 10.00

La Mesa Laundry

The unadjusted trial balance of La Mesa Laundry at August 31, 2014, the end of the current fiscal year, is shown below.

wrfm12h_c_ch04_pr4_3b.jpg

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

Wages accrued but not paid at August 31 are $2,200.

Depreciation of equipment during the year is $8,150.

Laundry supplies on hand at August 31 are $2,000.

Insurance premiums expired during the year are $5,300.

Required:

1. The beginning account balances from the unadjusted trial balance, as of August 31st, have been entered in the T accounts in part 3 below. The T accounts will be used in parts 3 and 6.

2. (Optional.) On your own paper, enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet.

3. Journalize the adjusting entries. Then, post the entries in the T accounts below. Adjustments are identified by "Adj.", the new balances as "Adj. Bal." and closing entries as "Clos."

Date Account Debit Credit
2014      
a. Aug. 31 SelectAccounts PayableAccounts ReceivableCashWages ExpenseWages PayableItem 1    
  SelectAccounts PayableAccounts ReceivableCashWages ExpenseWages PayableItem 3    
       
b. Aug. 31 SelectAccumulated DepreciationCashDepreciation ExpenseLaundry EquipmentLaundry SuppliesItem 5    
  SelectAccumulated DepreciationCashDepreciation ExpenseLaundry EquipmentLaundry SuppliesItem 7    
       
c. Aug. 31 SelectCashLaundry EquipmentLaundry RevenueLaundry SuppliesLaundry Supplies ExpenseItem 9    
  SelectCashLaundry EquipmentLaundry RevenueLaundry SuppliesLaundry Supplies ExpenseItem 11    
       
d. Aug. 31 SelectAccounts PayableAccounts ReceivableCashInsurance ExpensePrepaid InsuranceItem 13    
  SelectAccounts PayableAccounts ReceivableCashInsurance ExpensePrepaid InsuranceItem 15    

The T accounts below are used to complete the posting requirements for part 3 and 6.

Cash
Aug. 31 Bal. 3,800    

 

Laundry Supplies
Aug. 31 Bal. 9,000 SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 17  
SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 19      

 

Prepaid Insurance
Aug. 31 Bal. 6,000 SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 21  
SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 23      

 

Laundry Equipment
Aug. 31 Bal. 180,800    

 

Accumulated Depreciation
    Aug. 31 Bal. 49,200
    SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 25  
    SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 27  

 

Accounts Payable
    Aug. 31 Bal. 7,800

 

Wages Payable
    SelectAug. 31 Adj.Aug. 31 Clos.Item 29  

 

Capital Stock
    Aug. 31 Bal. 15,000

 

Retained Earnings
SelectAug. 31 Adj.Aug. 31 Bal.Aug. 31 Clos.Item 31   Aug. 31 Bal. 80,000
    SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 33  
    SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 35  

 

Dividends
Aug. 31 Bal. 2,400 SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 37  

 

Income Summary
SelectAug. 31 Adj.Aug. 31 Bal.Aug. 31 Clos.Item 39   SelectAug. 31 Adj.Aug. 31 Bal.Aug. 31 Clos.Item 41  
SelectAug. 31 Adj.Aug. 31 Bal.Aug. 31 Clos.Item 43      

 

Laundry Revenue
SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 45   Aug. 31 Bal. 248,000

 

Wages Expense
Aug. 31 Bal. 135,800 SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 47  
SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 49      
SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 51      

 

Rent Expense
Aug. 31 Bal. 43,200 SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 53  

 

Utilities Expense
Aug. 31 Bal. 16,000 SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Clos.Item 55  

 

Depreciation Expense
SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 57   SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 59  

 

Laundry Supplies Expense
SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 61   SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 63  

 

Insurance Expense
SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 65   SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 67  

 

Miscellaneous Expense
Aug. 31 Bal. 3,000 SelectAug. 31 Adj.Aug. 31 Adj. Bal.Aug. 31 Bal.Aug. 31 Clos.Item 69  

4. Prepare an adjusted trial balance. List the accounts as: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. For a compound transaction, if an amount box does not require an entry, leave it blank.

La Mesa Laundry
Adjusted Trial Balance
August 31, 2014
  Debit Balances Credit Balances
SelectAccounts PayableCashLaundry RevenueLaundry SuppliesWages ExpenseItem 71    
SelectAccounts PayableLaundry RevenueLaundry Supplies ExpenseLaundry SuppliesRetained EarningsItem 74    
SelectInsurance ExpenseLaundry EquipmentPrepaid InsuranceRetained EarningsUtilities ExpenseItem 77    
SelectCashDepreciation ExpenseLaundry EquipmentMiscellaneous ExpenseWages PayableItem 80    
SelectAccumulated DepreciationLaundry RevenueRent ExpenseRetained EarningsWages ExpenseItem 83    
SelectAccounts PayableCashLaundry RevenueLaundry Supplies ExpensePrepaid InsuranceItem 86    
SelectLaundry EquipmentRetained EarningsUtilities ExpenseWages ExpenseWages PayableItem 89    
SelectCapital StockDividendsLaundry EquipmentUtilities ExpenseWages ExpenseItem 92    
SelectAccounts PayableDividendsLaundry SuppliesMiscellaneous ExpenseRetained EarningsItem 95    
SelectCashDividendsLaundry RevenueLaundry Supplies ExpenseRent ExpenseItem 98    
SelectAccounts PayableCashLaundry EquipmentLaundry RevenueWage ExpenseItem 101    
SelectAccounts PayableAccumulated DepreciationLaundry EquipmentWages ExpenseWages PayableItem 104    
SelectAccumulated DepreciationLaundry EquipmentPrepaid InsuranceRent ExpenseWages PayableItem 107    
SelectAccounts PayableLaundry EquipmentLaundry RevenueLaundry SuppliesUtilities ExpenseItem 110    
SelectAccumulated DepreciationDepreciation ExpenseLaundry EquipmentPrepaid InsuranceRetained EarningsItem 113    
SelectAccounts PayableCashLaundry Supplies ExpenseLaundry SuppliesRetained EarningsItem 116    
SelectDividendsInsurance ExpenseLaundry RevenuePrepaid InsuranceWages PayableItem 119    
SelectAccounts PayableDividendsLaundry RevenueMiscellaneous ExpenseRetained EarningsItem 122    
     

5. Prepare an income statement.

La Mesa Laundry
Income Statement
For the Year Ended August 31, 2014
SelectAccounts payableCapital stockCashLaundry equipmentLaundry revenueItem 127    
Expenses:    
SelectAccounts receivableDividendsLaundry revenueWages expenseWages payableItem 129    
SelectAccounts payableCapital stockCashLaundry equipmentRent expenseItem 131    
SelectAccounts payableDividendsLaundry suppliesUtilities expenseWages payableItem 133    
SelectAccumulated depreciationCashDepreciation expenseDividendsLaundry equipmentItem 135    
SelectLaundry equipment Laundry revenueLaundry suppliesLaundry supplies expensePrepaid insuranceItem 137    
SelectAccounts payableAccounts receivableCashPrepaid insuranceInsurance expenseItem 139    
SelectCashLaundry equipmentLaundry revenueMiscellaneous expenseWages payableItem 141    
Total expenses    
SelectNet incomeNet lossItem 144    

 

Prepare a retained earnings statement.

La Mesa Laundry
Retained Earnings Statement
For the Year Ended August 31, 2014
SelectCashDividendsNet income for the yearRetained earnings, August 31, 2014Retained earnings, September 1, 2013Item 146    
SelectCashNet income for the yearNet loss for the yearRetained earnings, August 31, 2014Retained earnings, September 1, 2013Item 148    
SelectLess cashLess dividendsLess retained earnings, August 31, 2014Less retained earnings, September 1, 2013Plus dividendsItem 150    
SelectDecrease in retained earningsIncrease in retained earningsItem 152    
SelectCashDividendsNet income for the yearRetained earnings, August 31, 2014Retained earnings, September 1, 2013Item 154    

Prepare a balance sheet.

La Mesa Laundry
Balance Sheet
August 31, 2014
Assets Liabilities
Current assets:       Current liabilities:    
SelectAccounts payableCapital stockCashUtilities expenseWages payableItem 156       SelectAccounts payableCapital stockCashLaundry equipmentPrepaid insuranceItem 158    
SelectAccumulated depreciationLaundry equipmentLaundry supplies expenseLaundry suppliesRetained earningsItem 160       SelectPrepaid insuranceRent expenseRetained earningsWages expenseWages payableItem 162    
SelectAccounts payableInsurance expenseLaundry revenueMiscellaneous expensePrepaid insuranceItem 164       Total liabilities    
Total current assets            
Property, plant and equipment:       Stockholders' Equity
SelectAccumulated depreciationCashLaundry equipmentLaundry suppliesPrepaid insuranceItem 168       SelectAccounts payableCapital stockCashPrepaid insuranceWages payableItem 170    
SelectLess accounts payableLess accumulated depreciationLess cashLess depreciation expenseLess laundry suppliesItem 172       SelectAccounts payableCashPrepaid insuranceRetained earningsWages payableItem 174    
Total property, plant and equipment       Total stockholders' equity    
Total assets       Total liabilities and stockholders' equity    

6. Journalize the closing entries. For a compound transaction, if a box does not require an entry, leave it blank. Then post the entries to the T accounts in part 3 above.

Date Account Debit Credit
Close revenues SelectDividendsIncome SummaryLaundry RevenueLaundry SuppliesRent ExpenseItem 180    
  SelectCashIncome SummaryLaundry RevenuePrepaid InsuranceRetained EarningsItem 182    
       
Close expenses SelectCashIncome SummaryLaundry RevenuePrepaid InsuranceRetained EarningsItem 184    
  SelectLaundry EquipmentPrepaid InsuranceRetained EarningsWages ExpenseWages PayableItem 187    
  SelectAccounts PayableAccumulated DepreciationCashLaundry RevenueRent ExpenseItem 190    
  SelectAccounts PayableAccumulated DepreciationPrepaid InsuranceUtilities ExpenseWages PayableItem 193    
  SelectAccumulated DepreciationDepreciation ExpenseLaundry EquipmentLaundry SuppliesPrepaid InsuranceItem 196    
  SelectAccounts ReceivableCashDividendsLaundry RevenueLaundry Supplies ExpenseItem 199    
  SelectAccounts PayableAccounts ReceivableAccumulated DepreciationInsurance ExpensePrepaid InsuranceItem 202    
  SelectCashDividendsLaundry RevenueMiscellaneous ExpensePrepaid InsuranceItem 205    
       
Close income/loss SelectDividendsIncome SummaryLaundry RevenueLaundry SuppliesRent ExpenseItem 208    
  SelectAccounts PayableCashIncome SummaryMiscellaneous ExpenseRetained EarningsItem 210    
       
Close dividends SelectAccounts ReceivableCashDividendsLaundry RevenueRetained EarningsItem 212    
  SelectAccounts ReceivableCashDividendsIncome SummaryLaundry RevenueItem 214    

7. Prepare a post-closing trial balance. List the accounts as: Assets, liabilities, Capital, Dividends, Revenue and Expenses. If a box does not require an entry, leave it blank.

La Mesa Laundry
Post-Closing Trial Balance
August 31, 2014
  Debit Balances Credit Balances
SelectAccumulated DepreciationCashLaundry EquipmentMiscellaneous ExpensePrepaid InsuranceItem 216    
SelectAccounts PayableDividendsLaundry EquipmentLaundry RevenueLaundry SuppliesItem 219    
SelectInsurance ExpensePrepaid InsuranceUtilities ExpenseWages ExpenseWages PayableItem 222    
SelectAccumulated DepreciationDepreciation ExpenseDividendsLaundry EquipmentLaundry RevenueItem 225    
SelectAccumulated DepreciationCashLaundry EquipmentRent ExpensePrepaid InsuranceItem 228    
SelectAccounts PayableCapital StockLaundry EquipmentMiscellaneous ExpenseUtilities ExpenseItem 231    
SelectAccumulated DepreciationDepreciation ExpenseLaundry RevenueWages ExpenseWages PayableItem 234    
SelectAccumulated DepreciationDepreciation ExpenseLaundry RevenueWages ExpenseCapital StockItem 237    
SelectAccounts PayableCashRetained EarningsLaundry SuppliesUtilities ExpenseItem 240  

 

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Nov 2017 05:11 PM My Price 10.00

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