Blink-On Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Blink-On Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at March 31, 2008, the end of the current fiscal year:

Instructions
1. Prepare an income statement for the year ended March 31.
2. Prepare a statement of owner's equity for the year ended March 31. No additional investments were made during the year.
3. Prepare a balance sheet as of March 31.
4. Based upon the end-of-period spreadsheet (work sheet), journalize the closing entries.
5. Prepare a post-closing trialbalance.

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Blink-On Company End-of-Period Spreadsheet (Work Sheet) For the Year Ended March 31, 2008 Unadjusted Trial Balance Adjusted Trial Balance ncome Statement Balance Sheet Adjustments Cr. Account Title Cash Accounts Receivable Prepaid Insurance Supplies Land Building Acc. Depr-Building 6,300 22,400 (b) 2,800 1400 (c) 1,600 1,130 (a) 3,500 18,900 4200 2.730 98,000 22 400 98,000 (d) 1400 e) 3,200 101,700 101,700 100,500 100,500 100,500 uipment Acc. Depr.-Equipment Accounts Pa Unearned Rent Amanda Ayers Capital Amanda Ayers, Drawing Fees Revenue Salaries & Wages Expense 102,500 Advertising Expense Utilities Expense Repairs Expense Misc Expense 5,700 2100 g) 1,200 5,700 900 ー78100 5,700 78,100 100 7200 (f) -1800 104,300 21,700 11,400 104,300 21,700 11,400 8850 11,400 8,850 4320 525000525000 Insurance Expense Supplies Expense Depr. Exp.-Building Depr, Exp.-Equipment Salaries & Wages Payable Rent Revenue (b) 2,800 2,800 1,600 d) 1,400 e) 3,200 1,600 1,400 3200 1,800 800 1.800 15500 15500 534 900 534900 159570 258400 375330 276,500 Net income 258.400 258400 375.330 375,33