Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, the end of the fiscal year:

Instructions
1. Prepare an income statement for the year ended August 31, 20Y5.
2. Prepare a statement of stockholders’ equity for the year ended August 31, 20Y5. During the year, common stock of $25,000 was issued.
3. Prepare a balance sheet as of August 31, 20Y5.
4. Based upon the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.

Transcribed Image Text:

B C Light-It-Up Company End-of-Poriod Spreadsheet For the Year Ended August 31, 20Y5 Unadjus ted Trial Balance A D. 2 3 Adjusted Trial Balance Adjustments Cr. 6 Account Title Dr. Cr. Dr. Dr. Cr. 7 8 Cash 10,800 38,900 4,200 2,730 98,000 400,000 10,800 43,900 1,050 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building 15 Equipment 16 Accum. Depr.-Equipment 17 Accounts Payable 18 Salaries & Wages Payable 19 Unearned Rent 20 Common Stock 21 Retained Earnings 22 Dividends 23 Fees Earned 24 Rent Revenue 25 Salaries & Wages Expense 26 Adverfising Expense 27 Utilities Expense 28 Depr. Exp.-Buil ding 29 Repairs Expen se 30 Depr. Exp.-Equi pment 31 Insurance Expense 32 Supplies Expense 33 Misc. Expense 34 5,000 3,150 2,180 550 98,000 400,000 205,300 12,000 217,300 101,000 101,000 85,100 15,700 4,800 89,900 15,700 4,100 1,200 75,000 137,100 4,100 2,100 75,000 137,100 900 10,000 10,000 430,000 900 425,000 5,000 900 219,400 30,700 16,400 4,100 223,500 30,700 16,400 12,000 12,000 8,850 4,800 3,150 2,180 4,320 32.130 971,200 8,850 4,800 3,150 2,180 4,320 945,300 945,300 32,130 971,200 35