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Exercise 1 John Black's Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. John Black's Company prepared the end-of-period spreadsheet shown below at 2 July 31, 2020, the end of the current fiscal year: 3 4 5 6 7 8 Account Title 9 Cash 10 Accounts Receivable 11 Prepaid Insurance 12 Supplies 13 Land 14 Building 15 Accum. Depr.- Building 16 Equipment 17 Accum. Depr.- Equipment 18 Salaries & Wages Payable 19 Unearned Rent 20 Mortgage Payable 21 John Black, Capital 22 John Black, Drawing 23 Fees Eamed 24 Rent Revenue 25 Salaries & Wages Expense 26 Selling Expense 27 Utilities Expense 28 Repairs Expense 29 Depr. Exp.-Equipment 30 Insurance Expense 31 Supplies Expense 32 Depreciation Exp. - Building 33 Miscellaneous Expense 34 End-of-Period Spreadsheet for the year ended Unadjusted Trial Adjusted Trial Balance Adjustments Balance Dr. Cr. Dr. Cr. Dr. Cr. 25.000 25.000 38.900 3,150 42,050 4.200 2.500 1.700 2.700 1.830 870 98,000 98,000 222.000 222.000 205,300 1,600 206.900 101,000 101.000 78,000 7.800 85.800 5,600 5,600 2.100 1.000 1.100 1.900 1.900 203,170 203.170 10,000 10,000 113,630 3,150 116,780 1.000 1.000 56.000 5.600 61,600 21.700 21,700 11.450 11.450 8.870 8.870 7.800 7,800 2.500 2.500 1.830 1.830 1,600 1,600 4.280 4.280 604.100 604,100 23.480 23.480 622.250 622.250 35 Instructions: 1. Prepare an income statement for the year ended July 31. 36 2. Prepare statement of owner's equity for the year ended July 31. Additional investments were made 37 during the year, 56,570. 38 3. Prepare a balance sheet as of July 31. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance. 39 P.S. Please use financial statements from the following tabs

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