Ledger accounts, accounts adjusting entries: Prepare an income statement, a retained earnings statement, and a balance sheet.

(Ledger accounts, adjusting entries, financial statements, and closing entries;
optional end of period spreadsheet)

Recessive interiors
Unadjusted Trial Balance
January 31, 2018
Account..
No.

Cash 11 Supplies 13
Prepaid insurance 14
Equipment 16
(Accumulated Depreciation- (17)
Equipment).
Trucks 18
(Accumulated Depreciation-
trucks). (19)
Accounts payable 21
Common stock. 31
Retained Earnings 32
Dividends. 33
Service Revenue 41
Wages Expense 51
Rent expense 52
Truck Expense 53
Miscellaneous Expense 59

Debit
Balances:

Cash-(11) 13,100
supplies-(13) 8,000
Prepaid insurance-(14) 7,500
Equipment -(16)113,000
Trucks- (18) 90,000
Dividends-(33) 3,000
Wages expense-(51) 72,000
Rent expense-(52) 7,600
Truck expense-(53) 5,350
Miscellaneous expense-(59) 5,450
(325,000)

Credit balance:

Accumulated Depreciation
-Equipment (17) 12,000

Accumulated depreciation
-trucks (19) 27,100

Accounts payable (21)
4,500

Common stock (31)
30,000

Retained earnings (32)
96,400

Service Revenue (41)
155,000
(325,000)

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

(A) Supplies on hand at January 31 are
$2,850
(B) Insurance premiums expired during the
year are $3,150

(C)Depreciation of equipment during the
year is $5,250

(D) Depreciation of trucks during the year
Is $4,000

(E) Wages accrued but not paid at January 31 are $900

Instructions:

(1) For each account listed in the unjusted trial balance, enter the balance in the appropriate balance column of a four column account and place check mark
In the posting reference column.

(2) (Optional) Enter the unadjusted trial balance on an end of period spreadsheet
and complete the spreadsheet. Add the accounts listed in part (3) as needed.

(3) Journalize and post the adjusting entries, inserting balances in the accounts
affected. Record the adjusting entries on page 26 of the journal. The following additional accounts from recessive interiors’ chart of accounts should be used: wages payable, 22; Depreciation Expense-Equipment,54; Supplies Expense, 55; Depreciation Expense-Trucks,56; Insurance Expense, 57.

(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. Record the closing entries on page 27 of the journal.( Income summary is account #34 in the chart of accounts.) indicate closed accounts by inserting a line in both balance columns opposite the closing entry.

(7) Prepare a post- closing trial balance.