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.
|
Dr.
|
Cr.
|
Dr.
|
Cr.
|
|
Cash
|
10,800.00
|
|
|
|
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
|
|
|
|
98,000.00
|
|
|
Building
|
400,000.00
|
|
|
|
400,000.00
|
|
|
Accumulated Depreciation-Building
|
|
205,300.00
|
|
(d) 10,100.00
|
|
215,400.00
|
|
Equipment
|
101,000.00
|
|
|
|
101,000.00
|
|
|
Accumulated Depreciation-Equipment
|
|
85,100.00
|
|
(e) 6,680.00
|
|
91,780.00
|
|
Accounts Payable
|
|
15,700.00
|
|
|
|
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
|
|
|
|
203,100.00
|
|
Ted Hickman, Drawing
|
10,000.00
|
|
|
|
10,000.00
|
|
|
Fees Earned
|
|
363,700.00
|
|
(a) 11,300.00
|
|
375,000.00
|
|
Rent Revenue
|
|
|
|
(g) 1,300.00
|
|
1,300.00
|
|
Salaries and Wages Expense
|
163,100.00
|
|
(f) 4,900.00
|
|
168,000.00
|
|
|
Advertising Expense
|
21,700.00
|
|
|
|
21,700.00
|
|
|
Utilities Expense
|
11,400.00
|
|
|
|
11,400.00
|
|
|
Depreciation Expense-Building
|
|
|
(d) 10,100.00
|
|
10,100.00
|
|
|
Repairs Expense
|
8,850.00
|
|
|
|
8,850.00
|
|
|
Depreciation Expense-Equipment
|
|
|
(e) 6,680.00
|
|
6,680.00
|
|
|
Insurance Expense
|
|
|
(b) 3,000.00
|
|
3,000.00
|
|
|
Supplies Expense
|
|
|
(c) 2,250.00
|
|
2,250.00
|
|
|
Miscellaneous Expense
|
4,320.00
|
|
|
|
4,320.00
|
|
| |
875,000.00
|
875,000.00
|
39,530.00
|
39,530.00
|
907,980.00
|
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.