Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2019, the end of the fiscal year: Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted Trial Balance Dr. Cr. Adjustments Dr. Adjusted Trial Balance Dr. Cr. Account Title Cr. Cash Accounts Receivable Prepaid Insurance (a) 3,750 5,100 26,500 2,300 5,100 22,750 3,600 2,025 80,000 340,000 (b) (c) 1,300 1,500 Supplies 525 Land 80,000 340,000 190,000 (d) 3,000 193,000 140,000 140,000 Building Accum. Depr.Building Equipment Accum. Depr.-Equipment Accounts Payable Salaries & Wages Payable Unearned Rent 54,450 9,750 (e) 4,550 59,000 9,750 (f) 1,900 1,900 1,500 4,500 (g) 3,000 361,300 361,300 Tami Garrigan, Capital Tami Garrigan, Drawing 20,000 20,000 Fees Earned 280,000 283,750 3,750 3,000 (9) 3,000 145,100 (1) 1,900 Rent Revenue Salaries & Wages Expense Advertising Expense Utilities Expense 86,800 147,000 86,800 30,000 18,750 30,000 18,750 Travel Expense Depr. Exp.-Equipment (e) 4,550 Depr. Exp.-Building Supplies Expense Insurance Expense Misc. Expense @ OO a 4,550 3,000 1,500 1,300 3,000 1,500 (b) 1,300 5,875 5,875 900,000 900,000 19,000 19,000 913,200 913,200 Required: 1. Prepare an income statement for the year ended June 30. Last Chance Company Income Statement For the Year Ended June 30, 2019 Revenues: Total revenues Total revenues Expenses: Total expenses 2. Prepare a statement of owner's equity for the year ended June 30. No additional investments were made during the year. Last Chance Company Statement of Owner's Equity For the Year Ended June 30, 2019 2. Prepare a statement of owner's equity for the year ended June 30. No additional investments were made during the year. Last Chance Company Statement of Owner's Equity For the Year Ended June 30, 2019 3. Prepare a balance sheet as of June 30. Last Chance Company Balance Sheet June 30, 2019 Assets Current assets: Total current assets Property, plant, and equipment: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Total liabilities Owner's Equity Total liabilities and owner's equity 4. On the basis of the end-of-period spreadsheet, journalize the closing entries. For a compound transaction, if a box does not require an entry, leave it blank. 4. On the basis of the end-of-period spreadsheet, journalize the closing entries. For a compound transaction, if a box does not require an entry, leave it blank. June. 30 June. 30 5. Prepare a post-closing trial balance. If a box does not require an entry, leave it blank. Last Chance Company Post-Closing Trial Balance June 30, 2019 Debit Balances Credit Balances 5. Prepare a post-closing trial balance. If a box does not require an entry, leave it blank. Last Chance Company Post-Closing Trial Balance June 30, 2019 Debit Balances Credit Balances