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B Beacon Signals Company | End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments 6 Account Title Dr. Cr. Dr. Čr. Dr. Čr. 13,000 53,000 1,200 13,000 40,500 4,200 3,000 98,000 500,000 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building |15 Equipment 16 Accum. Depr.-Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Uneamed Rent 20 Sarah Colin, Capital 21 Sarah Colin, Drawing 22 Fees Eamed 23 Rent Revenue 24 Salaries and Wages Expense 25 Advertis ing Expense 26 Utilities Expense 27 Depr. Exp.-Building 28 Repairs Expense 29 Depr. Exp.-Equipment 30 Insurance Expense 31 Supplies Expense 32 Misc. Expense (a) 12,500 (b) 3,000 (c) 2,250 750 98,000 500,000 255,300 |(d) 9,000 264,300 121,900 121,900 (e) 4,500 104,600 15,700 4,900 800 238,100 100,100 15,700 (f) 4,900 2,100 (g) 1,300| 238,100 10,000 10,000 401,200 1,300 388,700 (a)12,500 (9) 1,300 168,000 21,700 11,400 9,000 8,850 4,500 3,000 2,250 4,350 37,450 1,030,900 1,030,900 |(1) 4,900 163,100 21,700 11,400 |(d) 9,000 8,850 |(e) 4,500| (b) 3,000 (c) 2,250 4,350 1,000,000 1,000,000 37,450 33 34 Instructions 1. Prepare an income statement for the year ended December 31. 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. 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.

B Beacon Signals Company | End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments 6 Account Title Dr. Cr. Dr. Čr. Dr. Čr. 13,000 53,000 1,200 13,000 40,500 4,200 3,000 98,000 500,000 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building |15 Equipment 16 Accum. Depr.-Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Uneamed Rent 20 Sarah Colin, Capital 21 Sarah Colin, Drawing 22 Fees Eamed 23 Rent Revenue 24 Salaries and Wages Expense 25 Advertis ing Expense 26 Utilities Expense 27 Depr. Exp.-Building 28 Repairs Expense 29 Depr. Exp.-Equipment 30 Insurance Expense 31 Supplies Expense 32 Misc. Expense (a) 12,500 (b) 3,000 (c) 2,250 750 98,000 500,000 255,300 |(d) 9,000 264,300 121,900 121,900 (e) 4,500 104,600 15,700 4,900 800 238,100 100,100 15,700 (f) 4,900 2,100 (g) 1,300| 238,100 10,000 10,000 401,200 1,300 388,700 (a)12,500 (9) 1,300 168,000 21,700 11,400 9,000 8,850 4,500 3,000 2,250 4,350 37,450 1,030,900 1,030,900 |(1) 4,900 163,100 21,700 11,400 |(d) 9,000 8,850 |(e) 4,500| (b) 3,000 (c) 2,250 4,350 1,000,000 1,000,000 37,450 33 34 Instructions 1. Prepare an income statement for the year ended December 31. 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, the end of the fiscal year:

B Beacon Signals Company | End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments 6 Account Title Dr. Cr. Dr. Čr. Dr. Čr. 13,000 53,000 1,200 13,000 40,500 4,200 3,000 98,000 500,000 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building |15 Equipment 16 Accum. Depr.-Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Uneamed Rent 20 Sarah Colin, Capital 21 Sarah Colin, Drawing 22 Fees Eamed 23 Rent Revenue 24 Salaries and Wages Expense 25 Advertis ing Expense 26 Utilities Expense 27 Depr. Exp.-Building 28 Repairs Expense 29 Depr. Exp.-Equipment 30 Insurance Expense 31 Supplies Expense 32 Misc. Expense (a) 12,500 (b) 3,000 (c) 2,250 750 98,000 500,000 255,300 |(d) 9,000 264,300 121,900 121,900 (e) 4,500 104,600 15,700 4,900 800 238,100 100,100 15,700 (f) 4,900 2,100 (g) 1,300| 238,100 10,000 10,000 401,200 1,300 388,700 (a)12,500 (9) 1,300 168,000 21,700 11,400 9,000 8,850 4,500 3,000 2,250 4,350 37,450 1,030,900 1,030,900 |(1) 4,900 163,100 21,700 11,400 |(d) 9,000 8,850 |(e) 4,500| (b) 3,000 (c) 2,250 4,350 1,000,000 1,000,000 37,450 33 34 Instructions 1. Prepare an income statement for the year ended December 31. 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. 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.
Transcribed Image Text:B Beacon Signals Company | End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjusted Trial Balance Adjustments 6 Account Title Dr. Cr. Dr. Čr. Dr. Čr. 13,000 53,000 1,200 13,000 40,500 4,200 3,000 98,000 500,000 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Supplies 12 Land 13 Building 14 Accum. Depr.-Building |15 Equipment 16 Accum. Depr.-Equipment 17 Accounts Payable 18 Salaries and Wages Payable 19 Uneamed Rent 20 Sarah Colin, Capital 21 Sarah Colin, Drawing 22 Fees Eamed 23 Rent Revenue 24 Salaries and Wages Expense 25 Advertis ing Expense 26 Utilities Expense 27 Depr. Exp.-Building 28 Repairs Expense 29 Depr. Exp.-Equipment 30 Insurance Expense 31 Supplies Expense 32 Misc. Expense (a) 12,500 (b) 3,000 (c) 2,250 750 98,000 500,000 255,300 |(d) 9,000 264,300 121,900 121,900 (e) 4,500 104,600 15,700 4,900 800 238,100 100,100 15,700 (f) 4,900 2,100 (g) 1,300| 238,100 10,000 10,000 401,200 1,300 388,700 (a)12,500 (9) 1,300 168,000 21,700 11,400 9,000 8,850 4,500 3,000 2,250 4,350 37,450 1,030,900 1,030,900 |(1) 4,900 163,100 21,700 11,400 |(d) 9,000 8,850 |(e) 4,500| (b) 3,000 (c) 2,250 4,350 1,000,000 1,000,000 37,450 33 34 Instructions 1. Prepare an income statement for the year ended December 31. 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. 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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