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Financial statements and closing entries
Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouses.
Lamp Light Company prepared the following end-of-period
Lamp Light Company
End-of-Period Spreadsheet
For the Year Ended December 31, 2016
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
Dr.
Cr.
Cash
10,800.00
Accounts Receivable
38,900.00
(a) 11,300.00
50,200.00
Prepaid Insurance
4,200.00
(b) 3,000.00
1,200.00
Supplies
2,730.00
(c) 2,250.00
480
Land
98,000.00
Building
400,000.00
Accumulated Depreciation-Building
205,300.00
(d) 10,100.00
215,400.00
Equipment
101,000.00
Accumulated Depreciation-Equipment
85,100.00
(e) 6,680.00
91,780.00
Accounts Payable
15,700.00
Salaries and Wages Payable
(f) 4,900.00
4,900.00
Unearned Rent
2,100.00
(g) 1,300.00
800
Ted Hickman, Capital
203,100.00
Ted Hickman, Drawing
10,000.00
Fees Earned
363,700.00
375,000.00
Rent Revenue
1,300.00
Salaries and Wages Expense
163,100.00
168,000.00
Advertising Expense
21,700.00
Utilities Expense
11,400.00
Depreciation Expense-Building
10,100.00
Repairs Expense
8,850.00
Depreciation Expense-Equipment
6,680.00
Insurance Expense
3,000.00
Supplies Expense
2,250.00
Miscellaneous Expense
4,320.00
875,000.00
39,530.00
907,980.00
Spreadsheet at December 31, 2016, the end of the fiscal year:
Instructions
1. Prepare an income statement for the year ended December 31.2. Prepare a retained earnings statement for the year ended December 31.3. Prepare a balance sheet as of December 31.4. Based upon the end-of-period spreadsheet, journalize the closing entries.5. Prepare a post-closing trial balance.
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