Prepare an income statement and a retained earnings statement for the year ended June 30, 2004, and…

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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