Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2016, the end of the fiscal year:

Instructions

1. Prepare an income statement for the year ended June 30, 2016. If a net loss has been incurred, enter that amount as a negative number using a minus sign.

1. Prepare a retained earnings statement for the year ended June 30, 2016. If a net loss has been incurred or there has been a decrease in retained earnings, enter that amount as a negative number using a minus sign

1. Prepare a balance sheet as of June 30, 2016. Fixed assets must be entered in order according to account number.

1. On the basis of the end-of-period spreadsheet, journalize the closing entries.

1. Prepare a post-closing trial balance.

	Last Chance Company
	End-of-Period Spreadsheet
	For the Year Ended June 30, 2016
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	5,100.00				5,100.00
Accounts Receivable	22,750.00		(a) 3,750.00		26,500.00
Prepaid Insurance	3,600.00			(b) 1,300.00	2,300.00
Supplies	2,025.00			(c) 1,500.00	525.00
Land	80,000.00				80,000.00
Building	340,000.00				340,000.00
Accumulated Depreciation-Building		190,000.00		(d) 3,000.00		193,000.00
Equipment	140,000.00				140,000.00
Accumulated Depreciation-Equipment		54,450.00		(e) 4,550.00		59,000.00
Accounts Payable		9,750.00				9,750.00
Salaries and Wages Payable				(f) 1,900.00		1,900.00
Unearned Rent		4,500.00	(g) 3,000.00			1,500.00
Common Stock		90,000.00				90,000.00
Retained Earnings		271,300.00				271,300.00
Dividends	20,000.00				20,000.00
Fees Earned		280,000.00		(a) 3,750.00		283,750.00
Rent Revenue				(g) 3,000.00		3,000.00
Salaries and Wages Expense	145,100.00		(f) 1,900.00		147,000.00
Advertising Expense	86,800.00				86,800.00
Utilities Expense	30,000.00				30,000.00
Travel Expense	18,750.00				18,750.00
Depreciation Expense-Equipment			(e) 4,550.00		4,550.00
Depreciation Expense-Building			(d) 3,000.00		3,000.00
Supplies Expense			(c) 1,500.00		1,500.00
Insurance Expense			(b) 1,300.00		1,300.00
Miscellaneous Expense	5,875.00				5,875.00
	900,000.00	900,000.00	19,000.00	19,000.00	913,200.00	913,200.00