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 thefiscal 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	10,800				10,800
Accounts Receivable	38,900		5,000		43,900
Prepaid Insurance	4,200			3,150	1,050
Supplies	2,730			2,180	550
Land	98,000				98,000
Building	400,000				400,000
Accumulated Depreciation-Building		205,300		12,000		217,300
Equipment	101,000				101,000
Accumulated Depreciation-Equipment		85,100		4,800		89,900
Accounts Payable		15,700				15,700
Salaries and Wages Payable				4,100		4,100
Unearned Rent		2,100	900			1,200
Common Stock		75,000				75,000
Retained Earnings		137,100				137,100
Dividends	10,000				10,000
Fees Earned		425,000		5,000		430,000
Rent Revenue				900		900
Salaries and Wages Expense	219,400		4,100		223,500
Advertising Expense	30,700				30,700
Utilities Expense	16,400				16,400
Depreciation Expense-Building			12,000		12,000
Repairs Expense	8,850				8,850
Depreciation Expense-Equipment			4,800		4,800
Insurance Expense			3,150		3,150
Supplies Expense			2,180		2,180
Miscellaneous Expense	4,320				4,320
	945,300	945,300	32,130	32,130	971,200	971,200

Required:

1.	Prepare an income statement for the year ended August 31, 20Y5.
2.	Prepare a statement of stockholders equity for the year ended August 31, 20Y5. During the year, common stock of $25,000 was issued.
3.	Prepare a balance sheet as of August 31, 20Y5.
4.	Based upon the end-of-period spreadsheet, journalize the closing entries.
5.	Prepare a post-closing trial balance.

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

Labels
Current assets
Current liabilities
August 31, 20Y5
Expenses
For the Year Ended August 31, 20Y5
Property, plant, and equipment
Revenues
Amount Descriptions
Book value-building
Book value-equipment
Balances, August 31, 20Y5
Balances, September 1, 20Y4
Issued common stock
Dividends
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders equity
Total property, plant, and equipment
Total revenues
Total stockholders equity