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Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, the end of thefiscal year:

	Light-It-Up Company
	End-of-Period Spreadsheet
	For the Year Ended August 31, 20Y5
	Unadjusted Trial Balance	Adjustments	Adjusted Trial Balance
Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	10,800				10,800
Accounts Receivable	38,900		5,000		43,900
Prepaid Insurance	4,200			3,150	1,050
Supplies	2,730			2,180	550
Land	98,000				98,000
Building	400,000				400,000
Accumulated Depreciation-Building		205,300		12,000		217,300
Equipment	101,000				101,000
Accumulated Depreciation-Equipment		85,100		4,800		89,900
Accounts Payable		15,700				15,700
Salaries and Wages Payable				4,100		4,100
Unearned Rent		2,100	900			1,200
Common Stock		75,000				75,000
Retained Earnings		137,100				137,100
Dividends	10,000				10,000
Fees Earned		425,000		5,000		430,000
Rent Revenue				900		900
Salaries and Wages Expense	219,400		4,100		223,500
Advertising Expense	30,700				30,700
Utilities Expense	16,400				16,400
Depreciation Expense-Building			12,000		12,000
Repairs Expense	8,850				8,850
Depreciation Expense-Equipment			4,800		4,800
Insurance Expense			3,150		3,150
Supplies Expense			2,180		2,180
Miscellaneous Expense	4,320				4,320
	945,300	945,300	32,130	32,130	971,200	971,200

Required:

1.	Prepare an income statement for the year ended August 31, 20Y5.
2.	Prepare a statement of stockholders equity for the year ended August 31, 20Y5. During the year, common stock of $25,000 was issued.
3.	Prepare a balance sheet as of August 31, 20Y5.
4.	Based upon the end-of-period spreadsheet, journalize the closing entries.
5.	Prepare a post-closing trial balance.

CHART OF ACCOUNTS
Light-It-Up Company
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Unearned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends	REVENUE 41 Fees Earned 42 Rent Revenue EXPENSES 51 Salaries and Wages Expense 52 Advertising Expense 53 Utilities Expense 54 Depreciation Expense-Building 55 Repairs Expense 56 Depreciation Expense-Equipment 57 Insurance Expense 58 Supplies Expense 59 Miscellaneous Expense

Labels
Current assets
Current liabilities
August 31, 20Y5
Expenses
For the Year Ended August 31, 20Y5
Property, plant, and equipment
Revenues
Amount Descriptions
Book value-building
Book value-equipment
Balances, August 31, 20Y5
Balances, September 1, 20Y4
Issued common stock
Dividends
Net income
Net loss
Total assets
Total current assets
Total expenses
Total liabilities
Total liabilities and stockholders equity
Total property, plant, and equipment
Total revenues
Total stockholders equity

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