в с Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted Trial Balance G 3 Adjusted Trial Balance Adjustments 6 Account Title Cr. Dr. Dr. Cr. Dr. Cr. 5,100 26,500 2,300 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building 15 Equipment |16 Accum. Depr.–Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Unearned Rent 20 Tami Garrigan, Capital 21 Tami Garrigan, Drawing 22 Fees Earned 23 Rent Revenue | 24 Salaries and Wages Expense 25 Advertising Expense 26 Utilities Expense 27 Travel Expense 28 Depr. Exp.-Equipment 29 Depr. Exp.–Building 30 Supplies Expense 31 Insurance Expense 32 Misc. Expense 33 5,100 22,750 (a) 3,750 (b) 1,300 (c) 1,500 3,600 2,025 80,000 525 80,000 340,000 340,000 190,000 (d) 3,000 193,000 140,000 140,000 54,450 9,750 59,000 9,750 1,900 1,500 361,300 (e) 4,550 (f) 1,900 4,500 (g) 3,000 361,300 20,000 20,000 280,000 283,750 3,000 (a) 3,750 (g) 3,000 147,000 86,800 30,000 18,750 4,550 (f) 1,900 145,100 86,800 30,000 18,750 (e) 4,550 (d) 3,000 (c) 1,500 (b) 1,300 3,000 1,500 1,300 5,875 5,875 19,000 913,200 913,200 900,000 900,000 19,000 34 -NM 45 O70OO

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet shown at the top of the following page at June 30, 2019, the end of the fiscal year.
Instructions
1. Prepare an income statement for the year ended June 30.
2. Prepare a statement of owner’s equity for the year ended June 30. No additional investments were made during the year.
3. Prepare a balance sheet as of June 30.
4. On the basis of the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.

в с
Last Chance Company
End-of-Period Spreadsheet
For the Year Ended June 30, 2019
Unadjusted
Trial Balance
G
3
Adjusted
Trial Balance
Adjustments
6 Account Title
Cr.
Dr.
Dr.
Cr.
Dr.
Cr.
5,100
26,500
2,300
8 Cash
9 Accounts Receivable
10 Prepaid Insurance
11 Supplies
12 Land
13 Building
14 Accum. Depr.-Building
15 Equipment
|16 Accum. Depr.–Equipment
17 Accounts Payable
18 Salaries and Wages Payable
19 Unearned Rent
20 Tami Garrigan, Capital
21 Tami Garrigan, Drawing
22 Fees Earned
23 Rent Revenue
| 24 Salaries and Wages Expense
25 Advertising Expense
26 Utilities Expense
27 Travel Expense
28 Depr. Exp.-Equipment
29 Depr. Exp.–Building
30 Supplies Expense
31 Insurance Expense
32 Misc. Expense
33
5,100
22,750
(a) 3,750
(b) 1,300
(c) 1,500
3,600
2,025
80,000
525
80,000
340,000
340,000
190,000
(d) 3,000
193,000
140,000
140,000
54,450
9,750
59,000
9,750
1,900
1,500
361,300
(e) 4,550
(f) 1,900
4,500 (g) 3,000
361,300
20,000
20,000
280,000
283,750
3,000
(a) 3,750
(g) 3,000
147,000
86,800
30,000
18,750
4,550
(f) 1,900
145,100
86,800
30,000
18,750
(e) 4,550
(d) 3,000
(c) 1,500
(b) 1,300
3,000
1,500
1,300
5,875
5,875
19,000 913,200 913,200
900,000 900,000
19,000
34
-NM 45 O70OO
Transcribed Image Text:в с Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2019 Unadjusted Trial Balance G 3 Adjusted Trial Balance Adjustments 6 Account Title Cr. Dr. Dr. Cr. Dr. Cr. 5,100 26,500 2,300 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building 15 Equipment |16 Accum. Depr.–Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Unearned Rent 20 Tami Garrigan, Capital 21 Tami Garrigan, Drawing 22 Fees Earned 23 Rent Revenue | 24 Salaries and Wages Expense 25 Advertising Expense 26 Utilities Expense 27 Travel Expense 28 Depr. Exp.-Equipment 29 Depr. Exp.–Building 30 Supplies Expense 31 Insurance Expense 32 Misc. Expense 33 5,100 22,750 (a) 3,750 (b) 1,300 (c) 1,500 3,600 2,025 80,000 525 80,000 340,000 340,000 190,000 (d) 3,000 193,000 140,000 140,000 54,450 9,750 59,000 9,750 1,900 1,500 361,300 (e) 4,550 (f) 1,900 4,500 (g) 3,000 361,300 20,000 20,000 280,000 283,750 3,000 (a) 3,750 (g) 3,000 147,000 86,800 30,000 18,750 4,550 (f) 1,900 145,100 86,800 30,000 18,750 (e) 4,550 (d) 3,000 (c) 1,500 (b) 1,300 3,000 1,500 1,300 5,875 5,875 19,000 913,200 913,200 900,000 900,000 19,000 34 -NM 45 O70OO
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