Last Chance Company offers legal consulting advice to prison inmates. Last Chance

Company prepared the end-of-period spreadsheet shown at the top of the following

page at June 30, 2019, the end of the fiscal year.

Instructions

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

2. Prepare a statement of owner's equity for the year ended June 30. No additional

investments were made during the year.

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 trial balance.

Transcribed Image Text:

Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 2019 2 Unadjusted Trial Balance Adjusted Trial Balance 4 Adjustments 6 Account Title 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Buildi 14 Accum. Depr-Buildin 15 Equipment 5,100 22,750 3,600 2,025 80,000 340,000 5,100 26,500 1,300 2,300 (c) 1,500525 80,000 340,000 (a) 3,750 190,000 3,000 (e) 4,550 1,900 193,000 140,000 140,000 59,000 9,750 1,900 1,500 361,300 16 Accum. Depr.-Equipment 54,450 9,750 17 Accounts Payable 18 Salaries and Wages Payable 19 Unearned Rent 20 Tami Garrigan, Capital 21 Tami Garrigan, Drawi 4,500 (g) 3,000 361,300 20,000 20,000 22 Fees Earned 280,000 a) 3,750 3,000 283,750 3,000 23 Rent Revenue 24 Salaries and Wages Expense145,100 25 Advertising Expense (f) 1,900 47,000 86,800 30,000 18,750 4,550 3,000 1,500 1,300 5,875 26 Utilities Expense 27 Travel Expense 86,800 30,000 18,750 (e) 4,550 (d) 3,000 (c) 1,500 1,300 28 Depr.Exp.-Equipment 29 Exp.-Buildin 30 31 Insurance Expense es Expense 32 Misc. Expense 900.000 900,000 19,000 19,000 913,200 913,200 34