Prepare an income statement and a retained earnings statement for the year ended June 30, 2004, and…
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Adjustment data for Marasca Laundry Inc. for January 2004 are as follows:
a. Wages accrued but not paid at January 31, $2,100.
b. Depreciation of equipment during the year, $6,600.
c. Laundry supplies on hand at January 31, $900.
d. Insurance premiums expired, $2,800.
Instructions
1. Using the following format, record each adjustment as a plus or minus in the appropriate accounts. The January 31 balances are given.
2. Prepare an income statement and a retained earnings statement for the year ended June 30, 2004, and a classified balance sheet as of June 30, 2004.
3. Close the revenue, expense, and dividend accounts.
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