PLEASE DO ONLY THE JOURNAL SECTION I ALREADY HAVE ANSWERS TO ALL THE OTHER ONES Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses Beacon Signals Company prepared the following end ofperiod spreadsheet at December 31, 2019, fiscal year Beacon Signals Company End of Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr Cr Dr Cr Dr Cr Cash 13,000 00 13,000 00 Accounts Receivable 40,500 00 (a) 12,500 00 53,000 00 Prepaid Insurance 4,200 00 (b) 3,000 00 1,200 00 Supplies 3,000 00 (c) 2,250 00 750 00 Land 98,000 00 98,000 00 Building 500,000 00 500,000 00 Accumulated Depreciation Building 255,300 00 (d) 9,000 00 264,300 00 Equipment 121,900 00 121,900 00 Accumulated Depreciation Equipment 100,100 00 (e) 4,500 00 104,600 00 Accounts Payable 15,700 00 15,700 00 Salaries and Wages Payable (f) 4,900 00 4,900 00 Unearned Rent 2,100 00 (g) 1,300 00 800 00 Sarah Colin, Capital 238,100 00 238,100 00 Sarah Colin, Drawing 10,000 00 10,000 00 Fees Earned 388,700 00 (a) 12,500 00 401,200 00 Rent Revenue (g) 1,300 00 1,300 00 Salaries and Wages Expense 163,100 00 (f) 4,900 00 168,000 00 Advertising Expense 21,700 00 21,700 00 Utilities Expense 11,400 00 11,400 00 Depreciation Expense Building (d) 9,000 00 9,000 00 Repairs Expense 8,850 00 8,850 00 Depreciation Expense Equipment (e) 4,500 00 4,500 00 Insurance Expense (b) 3,000 00 3,000 00 Supplies Expense (c) 2,250 00 2,250 00 Miscellaneous Expense 4,350 00 4,350 00 1,000,000 00 1,000,000 00 37,450 00 37,450 00 1,030,900 00 1,030,900 00 Required 1 Prepare an income statement for the year ended December 31 If a net loss has been incurred, enter that amount as a negative number using a minus sign Be sure to complete the statement heading Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names You will not need to enter colons ( ) on the income statement 2 Prepare a statement of owners equity for the year ended December 31 No additional investments were made during the year For those boxes in which you must enter subtracted or negative numbers use a minus sign Be sure to complete the statement heading Use the list of Labels and Amount Descriptions for the correct wording of text items 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 Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names You will not need to enter colons ( ) or the word Less on the balance sheet they will automatically insert where necessary 4 Based upon the end of period spreadsheet, journalize the closing entries Explanations should be omitted If you are unsure of account titles, see the chart of accounts 5 Prepare a post closing trial balance CHART OF ACCOUNTS Beacon 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 21 Accounts Payable 22 Salaries and Wages Payable 23 Unearned Rent EQUITY 31 Sarah Colin, Capital 32 Sarah Colin, Drawing 33 Income Summary 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 December 31, 2019 Expenses For the Year Ended December 31, 2019 Property, plant, and equipment Revenues Amount Descriptions Decrease in owners equity Increase in owners equity Net income Net loss Sarah Colin, capital, January 1, 2019 Sarah Colin, capital, December 31, 2019 Total assets Total current assets Total expenses Total liabilities Total liabilities and owners equity Total property, plant, and equipment Total revenues Withdrawals 1 Prepare an income statement for the year ended December 31 If a net loss has been incurred, enter that amount as a negative number using a minus sign Be sure to complete the statement heading Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names You will not need to enter colons ( ) on the income statement Score 136 136 Beacon Signals Company Income Statement 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 2 Prepare a statement of owners equity for the year ended December 31 No additional investments were made during the year For those boxes in which you must enter subtracted or negative numbers use a minus sign Be sure to complete the statement heading Use the list of Labels and Amount Descriptions for the correct wording of text items Score 54 54 Beacon Signals Company Statement of Owners Equity 1 2 3 4 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 Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names You will not need to enter colons ( ) or the word Less on the balance sheet they will automatically insert where necessary Score 177 177 Beacon Signals Company Balance Sheet 1 Assets 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Liabilities 17 18 19 20 21 22 Owners equity 23 24 4 Based upon the end of period spreadsheet, journalize the closing entries If you are unsure of account titles, see the chart of accounts Question not attempted PAGE 11 JOURNAL ACCOUNTING EQUATION Score 0 171 DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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PLEASE DO ONLY THE JOURNAL SECTION. I ALREADY HAVE ANSWERS TO ALL THE OTHER ONES!!! Beacon Signals Company maintains and repairs warning lights, such as

PLEASE DO ONLY THE "JOURNAL" SECTION. I ALREADY HAVE ANSWERS TO ALL THE OTHER ONES!!!

Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, fiscal year:

	Beacon Signals Company
	End-of-Period Spreadsheet
	For the Year Ended December 31, 2019
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	13,000.00				13,000.00
Accounts Receivable	40,500.00		(a) 12,500.00		53,000.00
Prepaid Insurance	4,200.00			(b) 3,000.00	1,200.00
Supplies	3,000.00			(c) 2,250.00	750.00
Land	98,000.00				98,000.00
Building	500,000.00				500,000.00
Accumulated Depreciation-Building		255,300.00		(d) 9,000.00		264,300.00
Equipment	121,900.00				121,900.00
Accumulated Depreciation-Equipment		100,100.00		(e) 4,500.00		104,600.00
Accounts Payable		15,700.00				15,700.00
Salaries and Wages Payable				(f) 4,900.00		4,900.00
Unearned Rent		2,100.00	(g) 1,300.00			800.00
Sarah Colin, Capital		238,100.00				238,100.00
Sarah Colin, Drawing	10,000.00				10,000.00
Fees Earned		388,700.00		(a) 12,500.00		401,200.00
Rent Revenue				(g) 1,300.00		1,300.00
Salaries and Wages Expense	163,100.00		(f) 4,900.00		168,000.00
Advertising Expense	21,700.00				21,700.00
Utilities Expense	11,400.00				11,400.00
Depreciation Expense-Building			(d) 9,000.00		9,000.00
Repairs Expense	8,850.00				8,850.00
Depreciation Expense-Equipment			(e) 4,500.00		4,500.00
Insurance Expense			(b) 3,000.00		3,000.00
Supplies Expense			(c) 2,250.00		2,250.00
Miscellaneous Expense	4,350.00				4,350.00
	1,000,000.00	1,000,000.00	37,450.00	37,450.00	1,030,900.00	1,030,900.00

Required:

1.	Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.
2.	Prepare a statement of owners equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.
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. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
4.	Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts.
5.	Prepare a post-closing trial balance.

CHART OF ACCOUNTS

Beacon 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
21	Accounts Payable
22	Salaries and Wages Payable
23	Unearned Rent

	EQUITY
31	Sarah Colin, Capital
32	Sarah Colin, Drawing
33	Income Summary

	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
December 31, 2019
Expenses
For the Year Ended December 31, 2019
Property, plant, and equipment
Revenues
Amount Descriptions
Decrease in owners equity
Increase in owners equity
Net income
Net loss
Sarah Colin, capital, January 1, 2019
Sarah Colin, capital, December 31, 2019
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and owners equity
Total property, plant, and equipment
Total revenues
Withdrawals

1. Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement.

Score: 136/136

Beacon Signals Company

Income Statement

1	?
2	?	?
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4	?		?
5	?
6	?	?
7	?	?
8	?	?
9	?	?
10	?	?
11	?	?
12	?	?
13	?	?
14	?	?
15	?		?
16	?		?

2. Prepare a statement of owners equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items.

Score: 54/54

Beacon Signals Company

Statement of Owners Equity

1	?		?
2	?	?
3	?	?
4	?		?
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. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Score: 177/177

Beacon Signals Company

Balance Sheet