Last-Chance Company offers legal consulting advice to prison inmates. Last-Chance Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at November 30,2008 , the end of the current fiscal year.
{Instructions}
1. Prepare an income statement for the year ended November 30 .
2. Prepare a retained earnings statement for the year ended November 30 .
3. Prepare a balance sheet as of November 30 .
4. On the basis of 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 D E F Last-Chance Company End-of-Period Spreadsheet (Work Sheet) For the Year Ended November 30, 2008 H K Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 1 Cash 4,800 4,800 4,800 2 Accounts Receivable. 15,750 (a) 4,200 19,950 19,950 3 Prepaid Insurance 2,700 (b) 1.450 1,250 1,250 3 4 Supplies 2,025 (c) 1.525 500 500 4 5 Land 75,000 75,000 75,000 5 6 Building 205,000 205,000 205,000 6 7 Acc. Depr.-Building 76,000 (d) 2,000 78.000 78,000 7 8 Equipment 139,000 139,000 139,000 8 9 Acc. Depr.-Equipment 54,450 (e) 5,200 59,650 59.650 9 10 Accounts Payable 9,750 9,750 11 Unearned Rent 12 Capital Stock 13 Retained Earnings 4,500 (g) 2.000 2,500 80,000 80,000 9,750 10 2,500 11 80,000 12 238,800 238,800 238,800 13 14 Dividends 15,000 15.000 15,000 14 15 Fees Revenue 286,500 (a) 4,200 290.700 290,700 15 16 Salaries & Wages Expense 144,300 (f) 2,700 147,000 147,000 16 17 Advertising Expense 94,800 94,800 94,800 17 18 Utilities Expense 27,000 27,000 27,000 18 19 Travel Expense 18,750 18,750 18,750 19 20 Misc. Expense 5,875 5,875 5,875 20 21 750,000 750,000 21 22 Insurance Expense 23 Supplies Expense 24 Depr. Exp.-Building 25 Depr. Exp.-Equipment 26 Sal. & Wages Payable 27 Rent Revenue 28 29 Net loss (b) 1,450 1,450 1,450 22 (c) 1,525 1,525 1,525 23 (d) 2,000. 2,000 2,000 24 (e) 5.200 5,200 5.200 25 (1) 2,700 2,700 2,700 26 (g) 2,000 2,000 2,000 27 19.075 19,075 764,100 764,100 303,600 292,700 460,500 471,400 28 10,900 10,900 29 30 303,600 303,600 471,400 471,400 30