Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 2018, the end of the fiscal year.

Instructions:

1. Prepare an income statement for the year ended June 30.
2. Prepare a retained earnings statement for the year ended June 30.
3. Prepare a balance sheet as of June 30.
4. On the basis of the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.

Transcribed Image Text:

Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2018 Unadjusted Trial Balance Adjusted Trial Balance Dr Adjustments 6 Account Title 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 5,100 22,750 3,600 2,025 80,000 340,000 3,750 26,500 300 2,300 1,500-525 80,000 40,000 11 Supplies 13 Building 14 Acaum. Depr-Building 15 Equipment 16 Acaum. Depr-Equipment 17 Accounts Payable 18 Salaries&Wages Payable 19 Unearned Rent 20 Common Stock 21 Retained Earnings 22 Dividends 23 Fees Eamed 24 Rent Revenue 25 Salaries &Wages Expense 26 Advertsing Expense 27|Utilities Expense 28 Travel Expense 190,000 3,000 93,000 140,000 140,000 59,000 9,750 54,450 4,550 ,500 3,000 90,000 271,300 1,500 90,000 271,300 20,000 20,000 3,750 3,000 280,000 283,750 3,000 145,100 86,800 30,000 1,900 147,000 86,800 30,000 8,750 4,550 29 Depr. Exp.-Equipment 30 Depr. Exp.-Building 31 Supplies Expense 32 Insurance Expen se 3 Misc. Expense 34 35 4550 3,000 1,500 1,300 1,500 1,300 5,875 5,875 900,000 900,000 19,000 19,000 913,200 913,200