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Light - it - Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light - it - up
Light itUp Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Lightitup Company prepared the following endofperiod spreadsheet at August Ythe end of the fiscal year: Light ItUp Company EndofPeriod Spreadsheet For the Year Ended August Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr Cr Dr Cr Dr Cr Cash Accounts Receivable a Prepaid Insurance b Supplies c Land Building Accumulated DepreciationBuilding d Equipment Accumulated DepreciationEquipment e Accounts Payable Salaries and Wages Payable f Unearned Rent g Effie Jackson,Capital Effie Jackson,Drawing Fees earned Rent Revenue g Salaries and Wages Expense f Advertising Expense Utilities Expense Depreciation ExpenseBuilding d Repairs Expense Depreciation ExpenseEquipment e Insurance Expense b Supplies Expense c Miscellaneous Expense Required: Prepare an income statement for the year ended on August If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons : on the income statement. Prepare a retained earnings statement for the year ended August If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. 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. Refer to the Chart of Accounts for exact wording of account titles. Prepare a balance sheet as of August Fixed assets must be entered in order according to account number. 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. Refer to the Chart of Accounts for exact wording of account titles. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Based upon the endofperiod spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles. Prepare a postclosing trial balance.?
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