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 $31,20$Y$5,$ the end of the fiscal year:

Light$-$It$-$Up Company

End$-$of$-$Period Spreadsheet

For the Year Ended August $31,20$Y$5$

Unadjusted Trial Balance Adjustments Adjusted Trial Balance

Account Title Dr$.$ Cr$.$ Dr$.$ Cr$.$ Dr$.$ Cr$.$

Cash $10,80010,800$

Accounts Receivable $38,9005,00043,900$

Prepaid Insurance $4,2003,1501,050$

Supplies $2,7302,180550$

Land $98,00098,000$

Building $400,000400,000$

Accumulated Depreciation$-$Building $205,30012,000217,300$

Equipment $101,000101,000$

Accumulated Depreciation$-$Equipment $85,1004,80089,900$

Accounts Payable $15,70015,700$

Salaries and Wages Payable $4,1004,100$

Unearned Rent $2,1009001,200$

Common Stock $75,00075,000$

Retained Earnings $137,100137,100$

Dividends $10,00010,000$

Fees Earned $425,0005,000430,000$

Rent Revenue $900900$

Salaries and Wages Expense $219,4004,100223,500$

Advertising Expense $30,70030,700$

Utilities Expense $16,40016,400$

Depreciation Expense$-$Building $12,00012,000$

Repairs Expense $8,8508,850$

Depreciation Expense$-$Equipment $4,8004,800$

Insurance Expense $3,1503,150$

Supplies Expense $2,1802,180$

Miscellaneous Expense $4,3204,320$

$945,300945,30032,13032,130971,200971,200$

Required:

$1.$ Prepare an income statement for the year ended August $31,20$Y$5.$

$2.$ Prepare a statement of stockholders$$ equity for the year ended August $31,20$Y$5.$ During the year, common stock of $$25,000$ was issued.

$3.$ Prepare a balance sheet as of August $31,20$Y$5.$

$4.$ Based upon the end$-$of$-$period spreadsheet, journalize the closing entries.

$5.$ Prepare a post$-$closing trial balance.

CHART OF ACCOUNTS

Light$-$It$-$Up Company

General Ledger

ASSETS

$11$ Cash

$12$ Accounts Receivable

$13$ Prepaid Insurance

$14$ Supplies

$15$ Land

$16$ Building

$17$ Accumulated Depreciation$-$Building

$18$ Equipment

$19$ Accumulated Depreciation$-$Equipment

LIABILITIES

$21$ Accounts Payable

$22$ Salaries and Wages Payable

$23$ Unearned Rent

EQUITY

$31$ Common Stock

$32$ Retained Earnings

$33$ Dividends

REVENUE

$41$ Fees Earned

$42$ Rent Revenue

EXPENSES

$51$ Salaries and Wages Expense

$52$ Advertising Expense

$53$ Utilities Expense

$54$ Depreciation Expense$-$Building

$55$ Repairs Expense

$56$ Depreciation Expense$-$Equipment

$57$ Insurance Expense

$58$ Supplies Expense

$59$ Miscellaneous Expense

Labels

Current assets

Current liabilities

August $31,20$Y$5$

Expenses

For the Year Ended August $31,20$Y$5$

Property, plant, and equipment

Revenues

Amount Descriptions

Book value$-$building

Book value$-$equipment

Balances, August $31,20$Y$5$

Balances, September $1,20$Y$4$

Issued common stock

Dividends

Net income

Net loss

Total assets

Total current assets

Total expenses

Total liabilities

Total liabilities and stockholders$$ equity

Total property, plant, and equipment

Total revenues

Total stockholders$$ equity

$1.$ Prepare an income statement for the year ended August $31,20$Y$5.$

$2.$ Prepare a statement of stockholders$$ equity for the year ended August $31,20$Y$5$

$3.$ During the year, common stock of $$25,000$ was issued.

$4.$ Based upon the end$-$of$-$period spreadsheet, journalize the closing entries..

$5.$ Prepare a post$-$closing trial balance.