Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, the end of the fiscal year: Light-It-Up Company End-of-Period Spreadsheet For the Year Ended August 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,500 10,500 Accounts Receivable 39,500 9,100 48,600 Prepaid Insurance 4,200 3,350 850 Supplies 2,790 2,180 610 Land 98,000 98,000 Building 416,000 416,000 Accumulated Depreciation-Building 205,300 14,000 219,300 Equipment 107,000 107,000 Accumulated Depreciation-Equipment 85,100 4,200 89,300 Accounts Payable 15,800 15,800 Salaries and Wages Payable 5,000 5,000 Unearned Rent 2,300 1,300 1,000 Common Stock 70,000 70,000 Retained Earnings 155,040 155,040 Dividends 10,000 10,000 Fees Earned 363,000 9,100 372,100 Rent Revenue 1,300 1,300 Salaries and Wages Expense 159,000 5,000 164,000 Advertising Expense 21,400 21,400 Utilities Expense 15,000 15,000 Depreciation Expense-Building 14,000 14,000 Repairs Expense 8,850 8,850 Depreciation Expense-Equipment 4,200 4,200 Insurance Expense 3,350 3,350 Supplies Expense 2,180 2,180 Miscellaneous Expense 4,300 4,300 896,540 896,540 39,130 39,130 928,840 928,840 CHART OF ACCOUNTS Light-It-Up 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 EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned 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 1. Prepare an income statement for the year ended August 31, 20Y5. Income Statement Instructions Light-It-Up Company Income Statement 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 2. Prepare a statement of stockholders equity for the year ended August 31, 20Y5. During the year, common stock of $30,000 was issued. Statement of Stockholders Equity Instructions Light-It-Up Company Statement of Stockholders Equity 1 Common Stock Retained Earnings Total 2 3 4 5 6 3. Prepare a balance sheet as of August 31, 20Y5. Balance Sheet Instructions Light-It-Up Company Balance Sheet 1 Assets 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Liabilities 19 20 21 22 23 24 Stockholders Equity 25 26 27 28 4. Based upon the end-of-period spreadsheet, journalize the closing entries. General Journal Instructions PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15 5. Prepare a post-closing trial balance. Light-It-Up Company POST-CLOSING TRIAL BALANCE August 31, 20Y5 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Supplies 5 Land 6 Building 7 Accumulated Depreciation-Building 8 Equipment 9 Accumulated Depreciation-Equipment 10 Accounts Payable 11 Salaries and Wages Payable 12 Unearned Rent 13 Common Stock 14 Retained Earnings 15 Totals