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The unadjusted trial balance of Up A Hill Co. at July 31, 2015, the end of the current fiscal year, is shown below.

Up A Hill Co.

Trial Balance

July 31, 2015

Account Debit Credit

Cash 22,000

Accounts Receivable 10,000

Prepaid Advertising 45,000

Supplies 22,000

Land 85,000

Building 130,000

Accumulated Depreciation-Building 30,000

Accounts Payable 20,000

Unearned Rent Revenue 8,000

Capital Stock 120,000

Retained Earnings 80,000

Dividends 2,500

Fees Earned 110,200

Salaries and Wages Expense 24,000

Utilities Expense 12,600

Insurance Expense 7,800

Repairs Expense 4,200

Miscellaneous Expense 3,100 _ ______

Total 368,200 368,200

The data needed to determine year-end adjustments are as follows:

a. Depreciation of the building amounted to $3,500.

b. Fees earned but unbilled at year end amounted to $5,000.

c. Accrued salaries and wages totaled $2,000.

d. Unearned rent revenue July 31^st equaled $1,800.

e. Unexpired prepaid advertising totaled $16,000.

f. Supplies used during the year equaled $9,000.

Instructions

1. Journalize and post the adjusting entries in the worksheet provided.

2. Prepare an adjusted trial balance.

3. Prepare an income statement, retained earnings statement and classified balance sheet on additional tabs in the worksheet provided.

4. Journalize and post the closing entries (do not add an income summary account).

5. Prepare a post-closing trial balance.

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