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216 Chapter 4 Completing the Accounting Cycle

A B C D E F G
1 Beacon Signals Company
2 End-of-Period Spreadsheet
3 For the Year Ended December 31, 2019
4 Unadjusted Adjusted
5 Trial Balance Adjustments Trial Balance
6 Account Title Dr. Cr. Dr. Cr. Dr. Cr.
7
8 Cash 13,000 13,000
9 Accounts Receivable 40,500 (a) 12,500 53,000
10 Prepaid Insurance 4,200 (b) 3,000 1,200
11 Supplies 3,000 (c) 2,250 750
12 Land 98,000 98,000
13 Building 500,000 500,000
14 Accum. Depr.—Building 255,300 (d) 9,000 264,300
15 Equipment 121,900 121,900
16 Accum. Depr.—Equipment 100,100 (e) 4,500 104,600
17 Accounts Payable 15,700 15,700
18 Salaries and Wages Payable (f) 4,900 4,900
19 Unearned Rent 2,100 (g) 1,300 800
20 Sarah Colin, Capital 238,100 238,100
21 Sarah Colin, Drawing 10,000 10,000
22 Fees Earned 388,700 (a)12,500 401,200
23 Rent Revenue (g) 1,300 1,300
24 Salaries and Wages Expense 163,100 (f) 4,900 168,000
25 Advertising Expense 21,700 21,700
26 Utilities Expense 11,400 11,400
27 Depr. Exp.—Building (d) 9,000 9,000
28 Repairs Expense 8,850 8,850
29 Depr. Exp.—Equipment (e) 4,500 4,500
30 Insurance Expense (b) 3,000 3,000
31 Supplies Expense (c) 2,250 2,250
32 Misc. Expense 4,350 4,350
33 1,000,000 1,000,000 37,450 37,450 1,030,900 1,030,900
34

Instructions
1. Prepare an income statement for the year ended December 31.
Show 2. Prepare a statement of owner’s equity for the year ended December 31. No additional
Me
How 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.

PR 4-2A  Financial statements and closing entries OBJ. 2, 3

1. Stacy Tanner, Finders Investigative Services is an investigative services firm that is owned and operated
capital, June 30: by Stacy Tanner. On June 30, 2019, the end of the fiscal year, the accountant for Finders
$483,300 Investigative Services prepared an end-of-period spreadsheet, a part of which follows:

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