Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet shown at the top of the following page at June 30, 20Y1, the end of the fiscal year.

Instructions

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.

5. Prepare a post-closing trial balance.

Transcribed Image Text:

B C D Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 20Y1 Unadjusted Trial Balance Dr. A F G 3 Adjusted Trial Balance 4 Adjustments 6 Account Title Cr. Dr. Cr. Dr. Cr. 7. 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building 15 Equipment 16 Accum. Depr.-Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Unearned Rent 20 Tami Garrigan, Capital 21 Tami Garrigan, Drawing 22 Fees Earned 23 Rent Revenue 24 Salaries and Wages Expense 25 Advertising Expense 26 Utilities Expense 27 Travel Expense 28 Depr. Exp.-Equipment 29 Depr. Exp.-Building 30 Supplies Expense 31 Insurance Expense 32 Misc. Expense 5,100 22,750 3,600 2,025 5,100 26,500 2,300 525 80,000 340,000 |(a) 3,750 (b) 1,300 (c) 1,500 80,000 340,000 190,000 (d) 3,000 193,000 140,000 140,000 54,450 9,750 (e) 4,550 59,000 9,750 1,900 1,500 361,300 (f) 1,900 4,500 (g) 3,000 361,300 20,000 20,000 (a) 3,750 (g) 3,000 283,750 3,000 280,000 (f) 1,900 147,000 86,800 30,000 18,750 4,550 3,000 1,500 1,300 5,875 19,000 913,200 913,200 145,100 86,800 30,000 18,750 (e) 4,550 (d) 3,000 (c) 1,500 (b) 1,300 5,875 900,000 19,000 33 900,000 34