Last-Chance Company offers legal consulting advice to prison inmates. Last-Chance Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at November 30, 2008, the end of the current fiscal year.

Instructions

1. Prepare an income statement for the year ended November 30.

2. Prepare a statement of owner's equity for the year ended November 30. No additional investments were made during the year.

3. Prepare a balance sheet as of November 30.

4. On the basis of the end-of-period spreadsheet (work sheet), journalize the closing entries.

5. Prepare a post-closing trialbalance.

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Last-Chance Company End-of Period Spreadsheet Work Sheet) For the Year Ended November 30, 2008 Unadjusted Trial Balance Adjusted Trial Balance Income Statement Balance Sheet Adjustments Account Title Cash Accounts Receivable Prepaid Insurance 15,750 (a) 4,200 19950 19,950 (B)_TA5OTー1250 c) 1,525 5 2,025 75,000 75,000 Land Build Acc Depr Building Equipment Acc. Depr- Equipment Accounts Payable Unearned Rent Corey Evans, Capital Corey Evans, Drawing Fees Revenue Salaries& Wages Expense 144,300 Advertising Expense Utilities Expense Travel Expense Misc. Expense 78,000 (d) 2000 e) 5,200 76,000 78,000 139,000 54 450 9,750 59,650 9,750 59550 9,750 2,500 318 800 4500 (g) 2,000 318,800 15,000 15,000 15,000 286,500 (a) 4 290,700 290,700 94,800 27,000 94800 27 000 5,875 1,450 27,000 5875 750,000 750,000 Insurance Expense Supplies Expense Depr Exp-Building Depr. Exp-Equipment Sal & Wages Payable Rent Revenue (b) 1,450 (c) 1,525 d) 2,000 (e) 5 1,525 (6) 2,700 (g) 2,000 2,700 2,700 i 9 075 -15075T-764 1001-7641 00.-303.600-292.700-460500-47T400 Net loss 303,600 303,600 471.400 471.4