). Hepare an adjusted trial balance. 8. Prepare an income statement, a retained
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). Hepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance s 9. Prepare and post the closing entries. Income Summary is account 34 in th of accounts.) Record the closing entries on Page 4 of the journal. Indicate accounts by inserting a line in both the Balance columns opposite the closing 10. Prepare a post-closing trial balance. Series B PR 4-18 Financial statements and closing entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance Ga OBL 12 pany prepared the end-of-period spreadsheet that follows at June 30, 2016, the et the fiscal year. 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.Explanation / Answer
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Last-Chance Company Income Statement For the Year Ended June 30, 2016 Particulars $ $ Fees Revenue 283,750 Rent Received 3,000 Total Revenue 286,750 Salary and wages expenses 147,000 Advertising Expense 86,800 Utility Expenses 30,000 Travel Expenses 18,750 Misc. Expense 5,875 Insurance Expense 1,300 Supplies Expense 1,500 Depreciation Expense Bulding - $3000 Equipmement - $4550 7,550 Total Expenses 298,775 Net Loss (12,025)Related Questions
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