The unadjusted trial balance of Laundry Basket at January

31
The unadjusted trial balance of Laundry Basket at January 31, 2012, the end of the current
fiscal year, is shown below.The data needed to determine year-end adjustments are as
follows:a. Wages accrued but not paid at January 31 are $900.b. Depreciation of equipment
during the year is $7,000.c. Laundry supplies on hand at January 31 are $2,100.d. Insurance
premiums expired during the year are $4,000.Instructions1. For each account listed in the
unadjusted trial balance, enter the balance in a T account. Identify the balance as “Jan, 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 (work sheet) 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 balance 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. Prepared a post-closing
trialbalance.
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The unadjusted trial balance of Laundry Basket at January 31
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