Flamingo Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Flamingo Company prepared the following trial balance at July 31, 2006, the end of the current fiscal year:

The data needed to determine year-end adjustments are as follows:
a. Fees revenue accrued at July 31 is $3,500.
b. Insurance expired during the year is $2,000.
c. Supplies on hand at July 31 are $350.
d. Depreciation of building for the year is $1,520.
e. Depreciation of equipment for the year is $2,160.
f. Accrued salaries and wages at July 31 are $2,800.
g. Unearned rent at July 31 is $500.

Instructions
1. Prepare the adjusting entries.
2. Based upon (1), prepare an adjusted trial balance.
3. Prepare an income statement for the year ended July 31, 2006.
4. Prepare a retained earnings statement for the year ended July 31, 2006.
5. Prepare a classified balance sheet as of July 31, 2006.
6. Prepare the closing entries.
7. Prepare a post-closing trialbalance.

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Flamingo Company Trial Balance July 31, 2006 Debit Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,500 13,500 3,000 70,000 100,500 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Capital Stock Retained Earnings Dividends Fees Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Repairs Expense Miscellaneous Expense 71,700 71,400 60,800 1,500 5,000 50,700 4,000 181,200 73,200 15,500 8,100 6,300 3,050 375,000 375,000