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: 1 A B Light-It-Up Company End-of-Period Spreadsheet E F G 2 3 4 5 For the Year Ended August 31, 20Y5 Unadjusted Trial Balance Adjusted Adjustments Trial Balance 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 8 Cash 10,800 10,800 9 Accounts Receivable 38,900 5,000 43,900 10 Prepaid Insurance 4,200 3,150 1,050 11 Supplies 2,730 2,180 550 12 Land 98,000 98,000 13 Building 400,000 400,000 14 Accum. Depr.-Building 205,300 12,000 217,300 15 Equipment 101,000 101,000 16 Accum. Depr.-Equipment 85,100 4,800 89,900 17 Accounts Payable 15,700 15,700 18 Salaries & Wages Payable 4,100 4,100 19 Unearned Rent 2,100 900 1,200 20 Common Stock 75,000 75,000 21 Retained Earnings 22 Dividends 137,100 137,100 10,000 10,000 23 Fees Earned 425,000 5,000 430,000 24 Rent Revenue 900 900 25 Salaries & Wages Expense 219,400 4,100 223,500 26 Advertising Expense 30,700 30,700 27 Utilities Expense 16,400 16,400 28 Depr. Exp.-Building 12,000 12,000 29 Repairs Expense 8,850 8,850 30 Depr. Exp.-Equipment 4,800 4,800 31 Insurance Expense 3,150 3,150 32 Supplies Expense 2,180 2,180 33 Misc. Expense 4,320 4,320 34 35 945,300 945,300 32,130 32,130 971,200 971,200 + Instructions 1. Prepare an income statement for the year ended August 31, 20Y5. Answer Check Figure: Net income, $125,000 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.