In: Accounting
question
Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2019, the end of the The annual accounting period adopted by a business.fiscal year:
Last Chance Company | ||||||||
End-of-Period Spreadsheet | ||||||||
For the Year Ended June 30, 2019 | ||||||||
Unadjusted | Adjusted | |||||||
Trial Balance | Adjustments | Trial Balance | ||||||
Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | ||
Cash | 5,100 | 5,100 | ||||||
Accounts Receivable | 22,750 | (a) | 3,750 | 26,500 | ||||
Prepaid Insurance | 3,600 | (b) | 1,300 | 2,300 | ||||
Supplies | 2,025 | (c) | 1,500 | 525 | ||||
Land | 80,000 | 80,000 | ||||||
Building | 340,000 | 340,000 | ||||||
Accum. Depr.—Building | 190,000 | (d) | 3,000 | 193,000 | ||||
Equipment | 140,000 | 140,000 | ||||||
Accum. Depr.—Equipment | 54,450 | (e) | 4,550 | 59,000 | ||||
Accounts Payable | 9,750 | 9,750 | ||||||
Salaries & Wages Payable | (f) | 1,900 | 1,900 | |||||
Unearned Rent | 4,500 | (g) | 3,000 | 1,500 | ||||
Tami Garrigan, Capital | 361,300 | 361,300 | ||||||
Tami Garrigan, Drawing | 20,000 | 20,000 | ||||||
Fees Earned | 280,000 | (a) | 3,750 | 283,750 | ||||
Rent Revenue | (g) | 3,000 | 3,000 | |||||
Salaries & Wages Expense | 145,100 | (f) | 1,900 | 147,000 | ||||
Advertising Expense | 86,800 | 86,800 | ||||||
Utilities Expense | 30,000 | 30,000 | ||||||
Travel Expense | 18,750 | 18,750 | ||||||
Depr. Exp.—Equipment | (e) | 4,550 | 4,550 | |||||
Depr. Exp.—Building | (d) | 3,000 | 3,000 | |||||
Supplies Expense | (c) | 1,500 | 1,500 | |||||
Insurance Expense | (b) | 1,300 | 1,300 | |||||
Misc. Expense | 5,875 | 5,875 | ||||||
900,000 | 900,000 | 19,000 | 19,000 | 913,200 | 913,200 |
Required:
1. Prepare an income statement for the year ended June 30.
2. Prepare a statement of owner's equity for the year ended June 30. No additional investments were made during the year.
3. Prepare a balance sheet as of June 30.
4. On the basis of the end-of-period spreadsheet, journalize the closing entries. For a compound transaction, if a box does not require an entry, leave it blank.
5. Prepare a post-closing trial balance. If a box does not require an entry, leave it blank.