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	10,200				10,200
Accounts Receivable	38,200		9,200		47,400
Prepaid Insurance	4,000			3,250	750
Supplies	2,760			2,180	580
Land	98,000				98,000
Building	406,000				406,000
Accumulated Depreciation-Building		205,300		12,000		217,300
Equipment	104,000				104,000
Accumulated Depreciation-Equipment		85,100		4,600		89,700
Accounts Payable		15,800				15,800
Salaries and Wages Payable				5,000		5,000
Unearned Rent		2,500	1,700			800
Common Stock		85,000				85,000
Retained Earnings		124,530				124,530
Dividends	10,000				10,000
Fees Earned		363,600		9,200		372,800
Rent Revenue				1,700		1,700
Salaries and Wages Expense	159,000		5,000		164,000
Advertising Expense	21,200				21,200
Utilities Expense	15,600				15,600
Depreciation Expense-Building			12,000		12,000
Repairs Expense	8,850				8,850
Depreciation Expense-Equipment			4,600		4,600
Insurance Expense			3,250		3,250
Supplies Expense			2,180		2,180
Miscellaneous Expense	4,020				4,020
	881,830	881,830	37,930	37,930	912,630	912,630

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 $30,000 was issued.
3.	Prepare a balance sheet as of August 31, 20Y5.
4.	Based upon the end-of-period spreadsheet, journalize the closing entries.