Instructions Chart of Accounts Labels and Amount Descriptions Instructions Outreach Signals Company maintains and repairs warring lights, such as those found on radio towers and lighthouses. Outreach Signals Company prepared the following end-of-period spreadsheet at December 31, 20Y1, the end of the fiscal year: Outreach Signals Company End-of-Perlod Spreadsheet For the Year Ended December 31, 20Y1 Unadjusted Trial Balance Adjustments Adjusted Tral Balance Dr. CC Account Title Dr. Cr Dr 20,500 20,500 63,800 (a) 19.700 83.500 Cash Accounts Receivable Prepaid Insurance Supplies 6.000 (b) 4,700 1.900 4.700 (C) 3.540 1.150 Land 154,300 154,300 Building 787000 787 000 Previous Next > Check My Work Cu Asimording Tocumen CIOS Instructions Chart of Accounts Labels and Amount Descriptions Instructions Accumulated Depreciation-Building 402,000 (d) 14,200 416,200 Equipment 192,000 192,000 Accumulated Depreciation Equipment 157,600 (e) 7,100 164,700 24,700 24,700 Accounts Payable Salaries and Wages Payable Unearned Rent (0) 7.700 7.700 3,300 (0)2,000 1,300 Inez Villanueva, Capital 375,000 375,000 16,000 16,000 Inez Villanueva, Drawing Fees Eamed 612,000 (0) 19,700 631,700 Rent Revenue (m) 2,000 2.000 Salanes and Wages Expense 256,820 (0) 7.700 264,520 Advertising Expense 34.200 34,200 Ubuities Expense 17.900 17,900 Depreciation Expense-Buildina (d) 14.200 14,200 Instructions Chart of Accounts Labels and Amount Descriptions Instructions Depreciation Expense-Building (d) 14,200 14,200 Repairs Expense 13,930 13,930 Depreciation Expense-Equipment (e) 7.100 7.100 Insurance Expense (b) 4,700 4.700 Supplies Expense (c) 3,540 3,540 Miscellaneous Expense 6,850 6,850 1,574,500 1,574,600 58,940 58,940 1,623,300 1,623,300 Required: 1. Prepare an income statement for the year onded December 31. Be sure to complete the statement heading. Refer to the Chart of Accbunts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a neganve amount. For example: Not loss should be negative. Expenses should be positive. You will not need to enter colons() on the income statement 2. Prepare a statement of owner's equity for the year ended December 31, No additional investments were made during the year. Be sure to complete the statement heading Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Check My Work Previous Next > All work saved Email Instructor Save and Exit Submit Assignment for Gradin ns tof Accounts CHART OF ACCOUNTS Outreach Signals Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Eamed 42 Rent Revenue 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies EXPENSES 15 Land 51 Salaries and Wages Expense 52 Advertising Expense 16 Building 53 Utilities Expense 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment 54 Depreciation Expense-Building 55 Repairs Expense Work All work saved. Email Instructor ctions Chart of Accounts Labels and Amount Descriptions ons art of Accounts 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation Equipment 52 Advertising Expense 53 Utilities Expense 54 Depreciation Expense-Building 55 Repairs Expense 56 Depreciation Expense-Equipment 57 Insurance Expense LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 58 Supplies Expense 59 Miscellaneous Expense 23 Unearned Rent EQUITY 31 Inez Villanueva, Capital 32 Inez Villanueva, Drawing Work All work saved Email Instructor instructions Chart ol Accounts Labels and Amount Descriptions Instructions Chart of Accounts Income Statement 1. Prepare an income statement for the year ended December 31. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative, Expenses should be positive. You will not need to enter colons () on the income statement Outreach Signals Company Income Statement Previous Next Check My Work All work saved Email Instructor Save and Exit Submit Assignment for Gradi ook Show Me How Chart of Accounts Instructions wers and Amount Descriptions Instructions Chart of Accounts Income Statement Statement of Owner's Equity 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. Be sure to comp statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes which you must enter subtracted or negative numbers use a minus sign Outreach Signals Company Statement of Owner's Equity Label Previous Check My Work All work saved Email Instructor Save and Exit Submit Assignment v2.cengagenow.com CengageNow 2 1 Assignment i Fritt apter 04 Homework DOW 2 Assignment Fris CengageNOWV2 Online teachir eBook Instructions B Show Me How Chart of Accounts Les and Amount Descriptoms Instructions Chart of Accounts Income Statement Statement of Owner's Equity Balance Sheet 3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) or the word "less" on the balance short, they will automatically insert where necessary. Enter al values as positive amounts Outreach Signais Company Balance Sheet Assets K Previous Ned> Check My Work All work saved Emas Save and Submit Assignment for Grading DUON Instrucions Show Me How Chart ACCOUNTS unbers and AMOUNT Options Journal 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW use Ines for journal explanations. Every ine on a journal page is used for debit or credit entries. CNOW journals wit automatically indent a credit entry whe is entered JOURNAL ACCOUNTING DATE POST REF DEAT CREDIT DESCRIPTION Closing Entries ASSETS LIABILITI Check My Work { r Next > Post-Closing Trial Balance 5. Prepare a post-closing trial balance. Outreach Signals Company POST-CLOSING TRIAL BALANCE December 31, 2011 ACCOUNT DEBIT CREDIT Cash 2 Accounts Receivable Prepaid Insurance 4 Supplies Stand Building Accumulated Denreciation Building Check My Work All work saved Emal Instructor Save ar