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 $2,1009001,200$

Effie Jackson, Capital $212,100212,100$

Effie Jackson, Drawing $10,00010,000$ 

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 owner's equity for the year ended August $31,20$Y$5.$ During the year, Effie Jackson invested an additional $$25,000$ in the business.

$3.$ 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.