Outreach Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 2011 Unadjusted Trial Balance Adjustments Adjusted Trial Balan Dr. Cr. Dr. Or. Dr. Or. Account Title Cash 20,500 20,500 Accounts Receivable 63,800 (a) 19,700 83.500 Prepaid Insurance 6,600 (b) 4.700 1.900 Supplies 4.700 (c) 3.540 1,160 Land 154,300 154 300 Building 787 000 787,000 Accumulated Depreciation-Building 402 000 (d) 14,200 416,200 Equipment 192.000 192,000 Accumulated Depreciation-Equipment 167 800 le) 7.100 164.700 Accounts Payable 24.700 24 700 Salaries and Wages Payable 7700 7.700 Uneamed Rent 3.300 (9) 2.000 1,300 Inez Villanueva Capital 376.000 375.000 Inez Villanueva Drawing 18.000 16.000 Fees Earned 8 12 000 E) 19.700 831.700 Rent Revenue (g) 2,000 2.000 Salaries and Wages Expense 256,820 (0 7.700 284,520 Advertising Expense 34,200 34,200 Utilities Expense 17.900 17.900 Depreciation Expense-Building Kd) 14,200 14.200 Repairs Expense 13,930 13,930 Depreciation Expense-Equipment (e) 7.100 7.100 Insurance Expense (b) 4,700 4.700 Supplies Expense (c) 3,540 3,540 Miscellaneous Expense 6,850 6,850 1,574,600 1.574,600 58,940 58,940 1 823,300 1,623,300 Required: 1. Prepare an income statement for the year ended December 31. Be sure to complete the statement heading Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices fortext entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example Net loss should be negative Expenses should be positive. You will not need to enter colons on the income statement 2. Prepare a statement of owner's equity for the year ended December 3 No additional investments were made during the year. 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. For those boxes in which you must enter subtracted or negative numbers use a minus sign 3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descnptions for the exact wording of the answer choices for text entries. You will not need to enter colons (or the word Less" on the balance sheet they will automatically insert where necessary CHART OF ACCOUNTS Outreach Signals Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 13 Prepaid Insurance 14 Supplies EXPENSES 15 Land 51 Salaries and Wages Expense 52 Advertising Expense 16 Building 17 Accumulated Depreciation-Building 53 Utilities Expense 18 Equipment 54 Depreciation Expense-Building 55 Repairs Expense 19 Accumulated Depreciation-Equipment 56 Depreciation Expense-Equipment LIABILITIES 57 Insurance Expense 21 Accounts Payable 22 Salaries and Wages Payable 58 Supplies Expense 59 Miscellaneous Expense 23 Unearneo Rent EQUITY 31 Inez Villanueva. Capital 32 Inez Villanueva, Drawing 1. Prepare an income statement for the year ended December 31. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entri amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need to enter colons () on the income statement. Outreach Signals Company Income Statement (Label) 1 (Label) 2 5 Label) 5 7 os 15 2 Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wordin answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Outreach Signals Company Statement of Owner's Equity (Label) " 5 3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of labels and Amount Descriptions for wording of the answer choices for text entries. You will not need to enter colons (or the word "Zess on the balance sheet, they will automatically insert where necessary. Enter all values as positive amounts. Outreach Signals Company Balance Sheet (Label) 1 Assets 2 (Label) 3 4 S 6 8 (Label) 9 10 16 abilities 17 | Label) Owner's Equity 4. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is credit entries. CNOW joumals will automatically indent a credit entry when a credit amount is entered. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSOTS LIABILITIES EQUITY Closing Entries 2 15 4 9 6 7 18 12 1974 5. Prepare a post-closing trial balance Outreach Signals Company POST-CLOSING TRIAL BALANCE December 31, 20Y1 DEBIT CREDIT ACCOUNT TITLE ? Accounts Receivable 3 Prepaid Insurance 2 Supplies * Building 7 Accumulated Depreciation-Building & Equipment 9 Accumulated Depreciation Equipment 20 Accounts Payable Salaries and Wages Peeble 2 Verneo Rent 13 Inez Villanueva Capital