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, 2011, the end of the fiscal year: Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2011 Unadjusted Adj Trial Balance Adjustments Trial Account Title Dr. Cr. Dr. Cr. Dr. Cash 5,100 22,750 (a) 3,750 Accounts Receivable Prepaid Insurance Supplies 5,100 26,500 2,300 (6) (c) 1,300 1,500 525 3,600 2,025 80,000 340,000 Land Building Accum. Depr.-Building 80,000 340,000 190,000 3,000 Equipment 140,000 140,000 End-of-Period Spreadsheet For the Year Ended June 30, 2011 Unadjusted Adjusted Trial Balance Trial Balance Adjustments Dr. Cr. Dr. Cr. Dr. Cr. 5,100 5,100 (a) 3,750 ceivable rance 22,750 3,600 26,500 2,300 1,300 (b) (c) 1,500 525 2,025 80,000 340,000 80,000 340,000 pr.-Building 190,000 (d) 3,000 193,000 140,000 140,000 54,450 (e 4,550 59,000 pr. -Equipment Payable 9,750 9,750 Check My Work Previous 140,000 140,000 (e) 4,550 54,450 9,750 Equipment Accum. Depr.-Equipment Accounts Payable Salaries and Wages Payable Uneamed Rent Tami Garrigan, Capital Tami Garrigan, Drawing Fees Earned 1,900 3,000 4,500 (9) 361,300 20,000 20,000 280,000 3.750 Rent Revenue (a) (9) 3,000 1,900 145, 100 86,800 30,000 18,750 Salaries and Wages Expense Advertising Expense Utilities Expense Travel Expense Depr. Exp.--Equipment Depr. Exp.-Building Supplies Expense Insurance Expense Misc. Expense 147,000 86,800 30,000 18,750 4,55C 3,000 4,550 (e) (d) (c) (b) 3,000 1,500 1,500 1,300 1,300 5,879 5,875 900,000 900,000 19,000 19,000 913,200 - ht 140,000 140,000 54,450 (e) 4,550 Depr.-Equipment Payable and Wages Payable 9,750 (1) 1,900 59,000 9,750 1,900 1,500 361,300 Rent 3,000 4,500 (9) 361,300 rigan, Capital rigan, Drawing ned 20,000 20,000 280,000 (a) (9) 3,750 3,000 283,750 3,000 enue and Wages Expense Expense (6) 1,900 145,100 86,800 30,000 18,750 Expense 147,000 86,800 30,000 18,750 4,550 3,000 4,550 pense -Equipment .Building Expense (e) (d) 3,000 1,500 1,300 - Expense (b) 1,500 1,300 5,875 pense 5,875 900,000 900,000 19,000 19,000 913,200 913,200 1. Prepare an income statement for the year ended June 30. Last Chance Company Income Statement For the Year Ended June 30, 2011 Revenues: Accounts receivable Cash Fees earned