Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet at the top of the following page at June 30, 2014, the end of the current fiscal year.

Instructions
1. Prepare an income statement for the year ended June 30.
2. Prepare a retained earnings statement for the year ended June 30.
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 trialbalance.

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Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2014 Unadjusted Trial Balance Dr Adjusted Trial Balance Adjustments Account Title Dr 5,100 20,503 (b)1,300 2,300 525 80,000 340,000 Cash Accounts Receivable Prepaid Insurance 5,100 22,750 (a) 3,750 2,025 80,000 Land Buiding Accum. Depr-Building 340,000 190,000 193,000 (d) 3,000 (e) 4,550 1,900 140,000 140,000 Accum. Depr-Equipment Accounts Payable Salaries & Wages Payable Unearned Rent Capital Sbck Retained Earnings Dividends Fees Eamed Rent Revenue Salaries & Wages Expense 145,100 Advertising Expense Utilities Expense Travel Expense Depr. Exp-Equipment Depr. Exp-Building Supplies Expense nsurance Expense Misc. Expense 59,000 9,750 1,90 1,50 90,000 271,300 54,450 9,7501 4.500 (g) 3000 90,000 271,300 20,000 20,000 a) 3,750 (g) 3,000 280,000 283,750 3,000 () 1,900 147,000 86,800 30,000 18,750 (e) 4,550 d) 3000 (C) 1,500 (b) 1,300 30,000 18,750 4,550 3,000 1,500 1,300 5,875 5,875 900,000 900,00019,000 19,000 913,200 913,200