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Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of

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Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year. Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 5,100 5,100 Accounts Receivable 22,750 3,750 26,500 3,600 Prepaid Insurance 1,300 2,300 Supplies 2,025 1,500 525 80,000 80,000 Land 340,000 Building 340,000 3,000 Accum. Depr-Building 190,000 193,000 Equipment 140,000 140,000 Accum. Depr-Equipment 54,450 4,550 59,000 Accounts Payable 9,750 9.750 Salaries & Wages Payable 1,900 1,900 Unearned Rent 4,500 3,000 1,500 Common Stock 90,000 90,000 Retained Earnings 271,300 271,300 20,000 Dividends 20,000 3,750 Fees Earned 280,000 283,750 Rent Revenue 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 Depr. Exp-Equipment 4,550 4,550 Depr. Exp.-Building 3,000 3,000 Supplies Expense 1,500 1,500 Insurance Expense 1,300 1,300 Misc. Expense 5,875 5,875 19,000 900,000 900,000 19,000 913,200 913,200 The income statement is prepared directly fram the information that would be transferred to the income statement columns of the works 2. Prepare a statement of stockholders equity for the year ended June 30, 20Y3. During the year ended June 30, 20Y3, ade Last Chance Company Statement of Stockholders' Equity For the Year Ended June 30, 20Y3 Total Retained Earnings Common Stock Balances, July 1, 20Y2 Issued common stock Net loss Dividends Balances, June 30, 20Y3 Feedback Check My Work The balance sheet includes all accounts that would be transfered to the balance sheet columns on the worksheet, except for the dividends balances. The ending retained eamings in the balance sheet 4. On the basis of the end-of-period spreadsheet, journalize the closing entries. If an amount bax does not require an entry, leave it blank Fees Earned 20Y3 Jun 30 Rent Revenue Retained Earnings Salaries and Wages Expense Advertising Expense Utilities Expense Travel Expense Depreciation Expense-Equipment Depreciation Expense-Building Supplies Expense Insurance Expense Miscellaneous Expense Retained Earnings 20Y3 Jun 30 Dividends 000 000 5. Prepare a post-closing trial ba lance. List the accounts as: Assets, Liabilities, Capital, Dividends, Revenue and Expenses. If an amount box does not require an entry, leave it blank Last Chance Company Post-Closing Trial Balance June 30, 20Y3 Credit Balances Debit Balances Cash 5,100 Accounts recelvable 26,500 Prepaid insurance Supplies Land Building Accumulated depreciation-build ing Equipment Accumulated depreciation-equipment Accounts payable Salaries and wages payable Unearned rent Common stock Retained earnings

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