Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 57

Financial statements and closing entries
Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2016, the end of the fiscal year.
Instructions
1. Prepare an income statement for the year ended June 30.
2. Prepare a statement of owner's equity for the year ended June 30. No additional investments were made during the year.
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.