PR 4-1B , PR 4-2B , PR 4-3B

7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balanc 9, Prepare and post the closing entries. (Income Summary is account #34 in the chart of accounts.) Record the closing entries on Page 4 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry 10. Prepare a post-closing trial balance. Problems: Series B PR 4-1B Financial statements and closing entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance Com- pany prepared the end-of-period spreadsheet that follows at June 30, 2016, the end of the fiscal year. OBJ. 1, 2, 3 otal assets: 25 Instructions 1. Prepare an income statement for the year ended June 30 2. Prepare a retained earnings statement for the year ended June 30. 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. Ledger