Journal 4. Based upon the end-of-period spreadsheet, joumalize the closing entries. Aofor to the chart of accounts for the exact wording of the account biles. CWOW journals do not use fines for joumal explanations. Every ine on a joumal page is used for debit or crodit entries. CNOW joumabs will automaticaly indent a crodit entry inhen a credit amount is entered. Income Statement (Label) 1 (Label) ? 3 4 5 (Label) 6 7 8 9 10 1. 12 13 14 15 16 CHART OF ACCOUNTS Outreach Signals Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Unearned Rent REVENUE 41 Fees Elitned 42 Rent Revenue EXPENSES 51 Salaries and Wages Expense 52 Advertising Expense 53 Utilities Expense 54 Depreciation Expense-Building 55 Repairs Expense 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense 3. Prepare a batance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complefo the statement hosaling. Fefer to the Chart of Accounts and the fist or Labpis and Amount Descriptions for the exact wording of the answer choices for toxt entries. You will not need to enter colons (1) or the inord "Less" on ithe balance sheet; they will automaticaily insert whore necessary. Enter al values as positive amounts. \begin{tabular}{|l|l|l|l|} \hline Post-ClosingTrialBalanceOutreachSignalsCompanyPOST-CLOSINGTRIALBALANCEDecember31,20Y1 \\ \hline 1 & Cash \\ \hline 2 & Accounts Receivable \\ \hline 3 & Prepaid Insurance \\ \hline 4 & Supplies \\ \hline 5 & Land \\ \hline 6 & Building \\ \hline 7 & Accumulated Depreciation-Building \\ \hline 8 & Equipment \\ \hline 9 & Accumulated Depreciation-Equipment \\ \hline 10 & Accounts Payable \\ \hline 11 & Salaries and Wages Payable \\ \hline 12 & Unearned Rent \\ \hline 14 & Inez Villanueva, Capital \\ \hline \end{tabular} Instructions \begin{tabular}{|c|c|c|c|c|c|c|} \hline Accumulated Depreciation-Building & & 402,000 & & (d) 14,200 & & 416,200 \\ \hline Equipment & 192,000 & & & & 192,000 & \\ \hline Accumulated Depreciation-Equipment & & 157.600 & & (e) 7.100 & & 164,700 \\ \hline Accounts Payable & & 24,700 & 8 & & & 24,700 \\ \hline Salaries and Wages Payable & . & & & (f) 7,700 & & 7,700 \\ \hline Uneamed Rent & . & 3,300 & (g) 2,000 & & & 1,300 \\ \hline Inez Villanueva, Capital & & 375,000 & & & 1 & 375,000 \\ \hline Inez Villanueva, Drawing & 16,000 & & & & 16,000 & \\ \hline Fees Earned & & 612,000 & & (a) 19,700 & & 631,700 \\ \hline Rent Revenue & & & & (g) 2,000 & & 2,000 \\ \hline Salaries and Wages Expense & 256,820 & & (f) 7,700 & & 264,520 & \\ \hline Advertising Expense & 34,200 & & & ' & 34,200 & \\ \hline Utilites Expense. & 17,900 & & & & 17,900 & \\ \hline Depreciation Expense-Building & & & (d) 14,200 & & 14,200 & \\ \hline Repairs Expense & 13,930 & & & & 13,930 & \\ \hline Depreciation Expense-Equipment & & & (e) 7,100 & & 7,100 & \\ \hline \end{tabular} 2. Prepare a statement of owner's equily for the year ended December 31. No addfitonal investments wore made during the year. Be sure to complete the statement heacling. Alefor to the Ist of Labels and Amount Descriptlans for the exact wording of the answor chaices for toxt entries. For those bexes in which you must enter subtracted or negative numbers use at minus sign. LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Uneamed Rent 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense EQUITY 31 Inez Vilanueva, Capital 32 Inez Vilanueva, Drawing 1. Propare an income statement for the year ended December 31, Bo sure to complote the statement heading. Aefor lo the Chart of Accourits and the list of Labels and Amount Doscriptions for the exact wording or the answor choices for lext entries. Enter amouns as posibve numbers unioss the amount is a calculation that resules in a negative amount. For exampio: Net loss should be negatve. Expenses should be positve. You wil not need to eriter colons () on the income statement. Balance Sheet 8 (Label) 9 10. 11 12 13 14 15 16 Liabilities 17 (Label) 18 19 20 ni n Owner's Equity 23 24 Required: the list of Labels and Amount Descriptions for the exact wonding of the answer choices for fext entries. Enter anounts as positive numbers unioss the amount is a calculation that results in a negative amount. For example: Net lose should be nogative. Expenses ahould bo postre. You will not need to enter colons ( S ) on the income statement. 2. Prepare a statement of owner 'y equity for the year ended December at. No additional imvestmenta were made duning the year, Be sure to complete the statement heading. Aeter to the list of Labels and Amount Dotcriptions for the exact wording of the answer choices for text extries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 3. Propare a balance sheet as of December 31. Foed assets must be entered in ordor according to account number. fle sure to complete the statement heading. Roler to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for fext entres. You will not need to enter colons ( ) or the word "Less" on the bulance sheet they mif automabcaly insert where necessary Enter al values as positive amounts. 4. Eased upon the end-of-period spreadsheot, joumalie the closing entries. Explanations should be omithed. Fiofor to the chart of accounts for the exact wording of the account tibes. CNOW joumals do not use ines for joumal explanabons. Every line on a joumal page is used for debit or crodif entries, CNOW joumals will automaticaly indent a crodit entry when a crodit amount is entered. Outreach Signals Company mairtains and repairs warning lights, fuch as those found an rado towers and lighthouses. Outreach Signals Compary prepared the following end-of-period spreadsheet at December 31,20Vi, the end of the fincel yent