Financial statements and closing entries Obj. 1, 2, 3 Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year.

Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accum. Depr.—Building Equipment Accum. Depr.—Equipment Accounts Payable Salaries & Wages Payable Unearned Rent Common Stock Retained Earnings Dividends Fees Earned Rent Revenue Salaries & Wages Expense Advertising Expense Utilities Expense Travel Expense Depr. Exp.—Equipment Depr. Exp.—Building Supplies Expense Insurance Expense Misc. Expense 123456789 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 20Y3 Unadjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr.

Adjusted 5,100 22,750 3,600 2,025 80,000 340,000 140,000 20,000 145,100 86,800 30,000 18,750 5,875 900,000 190,000 54,450 9,750 4,500 90,000 271,300 280,000 900,000 3,750 3,000 1,900 4,550 3,000 1,500 1,300 19,000 1,300 1,500 3,000 4,550 1,900 3,750 3,000 19,000 5,100 26,500 2,300 525 80,000 340,000 140,000 20,000 147,000 86,800 30,000 18,750 4,550 3,000 1,500 1,300 5,875 913,200 193,000 59,000 9,750 1,900 1,500 90,000 271,300 283,750 3,000 913,200 Instructions 1. Prepare an income statement for the year ended June 30, 20Y3.
2. Prepare a statement of stockholders’ equity for the year ended June 30, 20Y3. During the year ended June 30, 20Y3, additional common stock of $20,000 was issued.
3. Prepare a balance sheet as of June 30, 20Y3.
4. On the basis of the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.AppendixLO1