Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 2018, the end of the fiscal year.

1. Prepare an income statement for the year ended June 30.

2. Prepare a retained earnings statement for the year ended June 30.

3. Prepare a balance sheet as of June 30.

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.

5. Prepare a post-closing trial balance. List the accounts as: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If a box does not require an entry, leave it blank.

5.

Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 2018, the end of the fiscal year. Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2018 Unadjusted Trial Balance Adjusted Trial Balance Adjustments Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 5,100 5,100 Accounts Receivable 22,750 (a) 3,750 26,500 Prepaid Insurance 3,600 ( (b) 1,300 2,300 Supplies 2,025 (c) 1,500 525 Land 80,000 340,000 80,000 340,000 Building Accum. Depr.-Building 190,000 (d) 3,000 193,000 140,000 140,000 54,450 (e) 4,550 59,000 Equipment Accum. Depr.-Equipment Accounts Payable Salaries & Wages Payable 9,750 9,750 (f) 1,900 1,900 Unearned Rent 4,500 (a) (a) 3,000 1,500 Unearned Rent 4,500 (9) 3,000 1,500 Common Stock 90,000 90,000 Retained Earnings 271,300 271,300 Dividends 20,000 20,000 Fees Earned 280,000 (a) 3,750 283,750 Rent Revenue (g) 3,000 3,000 Salaries & Wages Expense 145,100 () 1,900 147,000 Advertising Expense 86,800 86,800 Utilities Expense 30,000 30,000 Travel Expense 18,750 18,750 (e) 4,550 4,550 Depr. Exp.-Equipment Depr. Exp.-Building Supplies Expense (d) 3,000 3,000 (c) 1,500 1,500 Insurance Expense (b) 1,300 1,300 Misc. Expense 5,875 5,875 900,000 900,000 19,000 19,000 913,200 913,200