il Verizon LTE 10:11 AM AA v2.cengagenow.com CengageNOWV2 | Online teaching and learning resource from Cengage Leaming Close Window eBook Show Me How Financial statements and closing entries Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Instructions Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-of-period spreadsheet at December 31, 2019, the end of the fiscal year: Beacon Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr Cr. Cr. Dr. Cr. Dr. Cr. Cash 13,000.00 13,000.00 Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00 Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00 Supplies 3,000.00 (c) 2,250.00 750.00 Land 98,000.00 98,000.00 Building 500,000.00 500,000.00 Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00 Equipment 121,900.00 121,900.00 Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00 Accounts Payable 15,700.00 15,700.00 Salaries and Wages Payable (f) 4,900.00 4,900.00 Uneamed Rent 2,100.00 (9) 1,300.00 800.00 Sarah Colin, Capital 238, 100.00 238,100.00 Sarah Colin, Drawing 10,000.00 10,000.00 Fees Earned 388,700.00 (a) 12,500.00 401,200.00 Rent Revenue (g) 1,300.00 1,300.00 Salaries and Wages Expense 163,100.00 () 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) 9,000.00 9,000.00 Repairs Expense 8,850.00 8,850.00 Depreciation Expense-Equipment (e) 4,500.00 4,500.00 Insurance Expense (b) 3,000.00 3,000.00 Supplies Expense (c) 2,250.00 2,250.00 Miscellaneous Expense 4,350.00 4,350.00 %3D l Verizon LTE 10:11 AM AA v2.cengagenow.com CengageNOWV2 | Online teaching and learning resource from Cengage Leaming Close Window eBOok Show Me How Financial statements and closing entries Instructions Chart of Accounts Labels and Amount Descriptions Income Statement Instructions Land 98,000.00 98,000.00 Building 500,000.00 500,000.00 Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00 Equipment 121,900.00 121,900.00 Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00 Accounts Payable 15,700.00 15,700.00 Salaries and Wages Payable (f) 4,900.00 4,900.00 Uneamed Rent 2,100.00 (9) 1,300.00 800.00 Sarah Colin, Capital 238,100.00 238,100.00 Sarah Colin, Drawing 10,000.00 10,000.00 Fees Earned 388,700.00 (a) 12,500.00 401.200.00 Rent Revenue (9) 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) 9,000.00 9,000.00 Repairs Expense 8,850.00 8,850.00 Depreciation Expense-Equipment (e) 4,500.00 4,500.00 Insurance Expense (b) 3,000.00 3,000.00 Supplies Expense (c) 2,250.00 2,250.00 Miscellaneous Expense 4,350.00 4,350.00 1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1.030,900.00 Required: 1. Prepare an income statement for the year ended December 31. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. 2. Prepare a statement of owner's equity for the year ended December 31. No additional investments were made during the year. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items. 3. Prepare a balance sheet as of December 31. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. 4. Based upon the end-of-period spreadsheet, joumalize the closing entries. Explanations should be omitted. If you are unsure account titles. see the chart of accounts. 5. Prepare a post-closing trial balance.