Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, the

Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, the end of the fiscal year: Beacon Signals Company End-of-Period Spreadsheet For the Year Ended December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 13,000.00 13,000.00 Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00 Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00 Supplies 3,000.00 (c) 2,250.00 750.00 Land 98,000.00 98,000.00 Building 500,000.00 500,000.00 Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00 Equipment 121,900.00 121,900.00 Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00 Accounts Payable 15,700.00 15,700.00 Salaries and Wages Payable (f) 4,900.00 4,900.00 Unearned Rent 2,100.00 (g) 1,300.00 800.00 Sarah Colin, Capital 238,100.00 238,100.00 Sarah Colin, Drawing 10,000.00 10,000.00 Fees Earned 388,700.00 (a) 12,500.00 401,200.00 Rent Revenue (g) 1,300.00 1,300.00 Salaries and Wages Expense 163,100.00 (f) 4,900.00 168,000.00 Advertising Expense 21,700.00 21,700.00 Utilities Expense 11,400.00 11,400.00 Depreciation Expense-Building (d) 9,000.00 9,000.00 Repairs Expense 8,850.00 8,850.00 Depreciation Expense-Equipment (e) 4,500.00 4,500.00 Insurance Expense (b) 3,000.00 3,000.00 Supplies Expense (c) 2,250.00 2,250.00 Miscellaneous Expense 4,350.00 4,350.00 1,000,000.00 1,000,000.00 37,450.00 37,450.00 1,030,900.00 1,030,900.00 Required: 4. Based upon the end-of-period spreadsheet, journalize the closing entries. Explanations should be omitted. If you are unsure of account titles, see the chart of accounts. I have attached a picture of the income statement portion of the question which was already completed with the values as well Transcribed Image Text: Cengage
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Financial statements and closing entries
Instructions
Chart of Accounts
Labels and Amount Descriptions
Income Statement Statement of Owner’s Equity Balance Sheet Journal
Statement of Owner’s Equi
Income Statement
For the Year Ended December 31, 2019
1 Revenues:
2Fees earned
3 Rent revenue
S401,200.00
1,300.00
Total revenues
S402,500.00
5 Expenses:
6 s and wages expense
7 Advertising expense
8 Utiities expense
9 Depreciation expense-building
10 Repars expense
11 Depreciation expense-equipment
12 Insurance expense
13 Supplies
14 Miscellaneous expense
15 Net income
$168,000.00
21,700.00
11,400.00
9,000.00
8,850.00
4,500.00
3,000.00
2,250.00
230,800.00
169,450.00
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