based upon the end of period spreadsheet work sheet journalize the closing entries 638607

Blink On Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Blink On Company prepared the end of period spreadsheet (work sheet) at the top of the following page at March 31, 2008, the end of the current fiscal year:

Blink On Company End of Period Spreadsheet (Work Sheet)
For the Year Ended March 31, 2008
	Unadjusted				Adjusted
	Trial Balance		Adjustments		Trial Balance		Income Statement		Balance Sheet
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	6,300				6,300				6,300
Accounts Receivable	18,900		(a) 3,500		22,400				22,400
Prepaid Insurance	4,200			(b) 2,800	1,400				1,400
Supplies	2,730			(c) 1,600	1,130				1,130
Land	98,000				98,000				98,000
Building	140,000				140,000				140,000
Acc. Depr.—Building		100,300		(d) 1,400		101,700				101,700
Equipment	100,500				100,500				100,500
Acc. Depr.—Equipment		85,100		(e) 3,200		88,300				88,300
Accounts Payable		5,700				5,700				5,700
Unearned Rent		2,100	(g) 1,200			900				900
Amanda Ayers, Capital		78,100				78,100				78,100
Amanda Ayers, Drawing	5,600				5,600				5,600
Fees Revenue		253,700		(a) 3,500		257,200		257,200
Salaries & Wages Expense	102,500		(f) 1,800		104,300		104,300
Advertising Expense	21,700				21,700		21,700
Utilities Expense	11,400				11,400		11,400
Repairs Expense	8,850				8,850		8,850
Misc. Expense	4,320				4,320		4,320
	525,000	525,000
Insurance Expense			(b) 2,800		2,800		2,800
Supplies Expense			(c) 1,600		1,600		1,600
Depr. Exp.—Building			(d) 1,400		1,400		1,400
Depr. Exp.—Equipment			(e) 3,200		3,200		3,200
Salaries & Wages Payable				(f) 1,800		1,800				1,800
Rent Revenue				(g) 1,200		1,200
			15,500	15,500	534,900	534,900	159,570	258,400	375,330	276,500
Net income							98,830
							258,400	258,400	375,330	375,330

Instructions

1. Prepare an income statement for the year ended March 31.

2. Prepare a statement of owner’s equity for the year ended March 31. No additional investments were made during the year.

3. Prepare a balance sheet as of March 31.

4. Based upon the end of period spreadsheet (work sheet), journalize the closing entries.

5. Prepare a post closing trial balance.

based upon the end of period spreadsheet work sheet journalize the closing entries 638607

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