Blink-On Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Blink-On Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at March 31, 2008, the end of the current fiscal year:

{Instructions}
1. Net income: \(\$ 98,830\)
1. Prepare an income statement for the year ended March 31 2. Prepare a retained earnings statement for the year ended March 31.
3. Prepare a balance sheet as of March 31.
4. Based upon the end-of-period spreadsheet (work sheet), journalize the closing entries.
5. Prepare a post-closing trial balance.objs. 2,3

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A B C DE Blink-On Company F End-of-Period Spreadsheet (Work Sheet) For the Year Ended March 31, 2008 H K Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Income Statement Cr. Balance Sheet Dr. Cr. 1 Cashi 6,300 6,300 6,300 1 2 Accounts Receivable 18,900 (a) 3,500) 22,400 22,400 2 3 Prepaid Insurance 4,200 (b) 2,800 1,400 1,400 3 4 Supplies 2,730 (c) 1,600 1,130 1,130 5 Land 98.000 98,000 98,000 6 Building 140,000 140,000 140,000 7 Acc. Depr-Building 100,300 (d) 1,400 101,700 101,700 7 8 Equipment 100,500 100.500 100,500 8 9 Acc. Depr-Equipment 85,100 (e) 3,200 88,300 88,300 9 10 Accounts Payable 5,700 5,700 11 Unearned Rent 2,100 (g) 1,200 900 12 Capital Stock 13 Retained Earnings 18,000 18,000 5,700 10 900 11 18,000 12 60,100 60,100 60,100 13 14 Dividends 5.600 5,600 5,600 14 15 Fees Revenue 253,700 (a) 3,500. 257,200 257,200 15 16 Salaries & Wages Expense 102,500 (f) 1,800 104,300 104,300 16 17 Advertising Expense 21,700 21,700 21,700 17 18 Utilities Expense 11,400 11,400 11,400 18 19 Repairs Expense 8.850 8,850 8,850 19 20 Misc. Expense 4.320 4,320 4,320 20 21 22 Insurance Expense 525,000 525,000 21 (b) 2,800 2,800 2.800 22 23 Supplies Expense (c) 1,600 1,600 1,600 23 24 Depr. Exp.-Building 25 Depr. Exp-Equipment 26 Salaries & Wages Payable 27 Rent Revenue 28 29 Net income (d) 1,400 1,400 1,400 24 (e) 3,200 3,200 3,200 25 (f) 1,800 1,800 1,800 26 (g) 1,200 1,200 1,200 27 15,500 15,500 534,900 534,900 30 98,830 29 159.570 258,400 375,330 276,500 28 98,830 258.400 258,400 375,330 375,330 30.