DNA 4 U Company offers legal consulting advice to prison inmates. DNA 4 U Company prepared the end-of-period spreadsheet at the top of the following page at April 30, 2012, the end of the current fiscal year.

Instructions

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

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

3. Prepare a balance sheet as of April 30.

4. On the basis of the end-of-period spreadsheet, journalize the closing entries.

5. Prepare a post-closing trialbalance.

Transcribed Image Text:

DNA 4U Company End-of-Period Spreadsheet For the Year Ended April 30, 2012 Unadjusted Trial Balance Cr Adjusted Trial Balance Adjuatments Account Title Cr. Dr. Cr. 100 8Accounts Receivabla 9 Prepaid Insurance 12,150 2,025 200,000 140,000 a) 1,250 10 1 Land 1,200 2,400 625 COO 131 Accum. Depr-Building 90,000 2,500 2,500 140,000 59 450 9.750 15 Accum Depr Equipment 16 Accounts Payable 17 Sal & Wages Payable 8 Unearned Rent 191 Luis Cortes, Capital 20 Lus Cortes, Drasing 21 Fees Revenue の 1,900 4.500 (g) 3000 311,300 311,300 280,000 (a) 1,250 g3,000 281 250 23 Salaries & Wages Expense 145,10 24 Advertising Expense 147.000 86.800 30,000 18,750 5.000 2500 1400 1900 86,800 18,7 Depr. Exp.-Equipment 2 500 Insurance Expense 31 Msc. Expense b) 1,200 5,875 000 150,000 16,250 16,250 760,65