Fundmental of financial accounting

Exercise 1 John Black's Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. John Black's Company prepared the end-of-period spreadsheet shown below at July 31, 2020, the end of the current fiscal year. End-of-Period Spreadsheet for the year ended Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 25,000 25,000 Accounts Receivable 38,900 3,150 42.050 Prepaid Insurance 4,200 2.500 1.700 Supplies 2.700 1.830 870 Land 98,000 98,000 Building 222.000 222.000 Accum. Depr.--Building 205.300 1.600 206,900 Equipment 101.000 101.000 Accum. Depr. Equipment 78.000 7.800 85,800 Salaries & Wages Payable 5.600 5.600 Uneamed Rent 2.100 1.000 1.100 Mortgage Payable 1,900 1,900 John Black, Capital 203,170 203,170 John Black, Drawing 10,000 10,000 Fees Earned 113,630 3,150 116,780 Rent Revenue 1.000 1,000 Salaries & Wages Expense 56,000 5,600 61,600 Selling Expense 21,700 21.700 Utilities Expense 11,450 11.450 Repairs Expense 8,870 8,870 Depr. Exp.--Equipment 7.800 7.800 Insurance Expense 2.500 2.500 Supplies Expense 1,830 1.830 Depreciation Exp. Building 1.600 1.600 Miscellaneous Expense 4,280 4,280 604.100 604,1001 23,480 23,480 622.250 622.250 Instructions: 1. Prepare an income statement for the year ended July 31. 2. Prepare statement of owner's equity for the year ended July 31. Additional investments were made during the year, 11.070. 3. Prepare a balance sheet as of July 31. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance. P.S. Please use financial statements from the following tabs. Exercise Income St and St of Own Equity Balan. Income Statement for the year ended Total revenues Expenses: Total expenses Net income Statement of Owner's Equity for the year ended capital, Investment Net income Less withdrawals Increase in owner's equity . capital, Exercise Income St and St of Own Equity Balance Sheet Journal and Trial Balance Balance Sheet at Assets Liabilities Current assets: Current liabilities: Long-term liabilities: Total liabilities Total current assets Property, plant and equipment: Owner's Equity Total property, plant and equipment Total assets Total liabilities and owner's equity Exercise Income St and St of Own Equity Balance Sheet Journal and Trial Balance Debit Credit Date 2020 Description Closing Entries Post-Closing Triat Balance Debil Balance Credit Balanes