Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year.

Instructions

1. Prepare an income statement for the year ended June 30, 20Y3.

2. Prepare a statement of stockholders’ equity for the year ended June 30, 20Y3. During the year ended June 30, 20Y3, additional common stock of $20,000 was issued.

3. Prepare a balance sheet as of June 30, 20Y3.

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

5. Prepare a post-closing trial balance.

Transcribed Image Text:

A в Last Chance Company End-of-Period Spreadsheet For the Year Ended June 30, 20Y3 Unadjusted 3 Adjusted 4 Adjustments Dr. Trial Balance Trial Balance Dr. Cr. Dr. Сг. 6 Account Title Cr. 8 Cash 5,100 5,100 26,500 2,300 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 Advertising Expense 27 Utilities Expense 28 Travel Expense 29 Depr. Exp.–Equipment 30 Depr. Exp.-Building 31 Supplies Expense 32 Insurance Expense 33 Misc. Expense 3,750 22,750 3,600 1,300 1,500 525 2,025 80,000 340,000 80,000 340,000 193,000 3,000 190,000 140,000 140,000 4,550 59,000 9,750 1,900 1,500 90,000 271,300 54,450 9,750 1,900 3,000 4,500 90,000 271,300 20,000 20,000 283,750 3,000 280,000 3,750 3,000 147,000 86,800 30,000 18,750 4,550 3,000 145,100 1,900 86,800 30,000 18,750 4,550 3,000 1,500 1,300 1,500 1,300 5,875 19,000 913,200 913,200 5,875 900,000 900,000 19,000 34 35