Outreach Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Outreach Signals Company prepared the following end-of-period spreadsheet at December 31,20Y1, the end of the fiscal year 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 entries. You will not need to enter colons () or the word "Less" on the balance sheet, they will automatically insert where necessary. Enter all values as positive amounts. 5. Prepare a post-closing trial balance. Labels and Amount Descriptions Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet Journal Post-Closing Trial Balance 2 3 4 5 (Label) 6 7 8 9 10 11 12 13 14 15 16 Labels and Amount Descriptions for the exact wording of the answer choices for text 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. Instructions Chart of Accounts Labels and Amount Descriptigling Income Statement Statement of Owner's Equity Balance Sheet Journal PostcClosing Trial Balance CHART OF ACCOUNTS Outreach Signals 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 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 21 Acrounte Davahlo 52 Cunnliac Frnonco 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 use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when is entered. Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Labels and Amount Descriptions ruI lle real cllueu velemlluel 31,U1 I Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Net income Net loss Inez Villanueva, capital, January 1, 20Y1 Inez Villanueva, capital, December 31, 20 Y1 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Total revenues Withdrawals 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 wording of the answer cholces for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Chart of Accounts Labels and Amount Descriptions Income Statement Instructions \begin{tabular}{|c|c|c|c|c|c|c|} \hline Acoumulated Depreciation-Buading & & 402,000 & & (d) 14.200 & & 416.200 \\ \hline Equipment & 192,000 & & & & 192,000 & \\ \hline Acoumulated Depreciation-Equipment & & 157.600 & & (e) 7,100 & & 164,700 \\ \hline Acoounts Payable & & 24,700 & & & & 24.700 \\ \hline Salaries and Wages Payable & & & & (f) 7.700 & & 7,700 \\ \hline Uneamed Rent & & 3,300 & (g) 2,000 & & & 1,300 \\ \hline Inez Villanueva, Capital & & 375,000 & & & & 375,000 \\ \hline Inez Villanueva, Drawing & 16,000 & & & & 16.000 & \\ \hline Fees Eamed & & 612.000 & & (a) 19,700 & & 631.700 \\ \hline Rent Revenue & & & & (g) 2.000 & & 2.000 \\ \hline Salanes and Wages Expense & 256.820 & & (f) 7.700 & & 264,520 & \\ \hline Advertising Expense & 34.200 & & & & 34,200 & \\ \hline Utilities Expense & 17.900 & & & & 17.900 & \\ \hline Depreciation Expense-Building & & & (d) 14.200 & & 14.200 & \\ \hline Repairs Expense & 13,930 & & & & 13.930 & \\ \hline \end{tabular} Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Statement of Owner's Equity Balance Sheet Journal Post-closing Trial Balance 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 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 Supplles Expense 59 Miscellaneous Expense EQUITY 31 Inez Villanueva, Capital 32 Inez Villanueva, Drawing \begin{tabular}{|l|l|l|} \hline Instructions & Chart of Accounts & Labels and Amount Descriptions \end{tabular} Income statement Statement of Owner's Equiby Balance Shect Joumal Postclosing Thit Balance 31 Closing Entries \begin{tabular}{l|l|l|l|l|l|} \hline Instructions Chart of Accounts Labels and Amount Descriptions Income Statement \\ \hline \end{tabular} Statement of Owner's Equity Ealance Sheet Journal Post-Closing Trial Balance 1 Cash ACCOUNT TITLE DEBIT CREDIT 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 Inez Villanueva, Capital 14 Totals 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 for text 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 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 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 Descriptions 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 Enter all values as positive amounts. 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 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 Descriptions 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. Enter all values as positive amounts. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. \begin{tabular}{l|l|l|} \hline Instructions Chart of Accounts Labels and Amount Descriptions & Income Statement \\ \hline \end{tabular} Statement of Owner's Equity Balance Sheet Journal Post-Closing Trial Balance 9 10 11 12 13 14 15 16 Liabilities 17 (Label) 18 19 20 21 22 Owner's Equity 23 24