The completed financial statement columns of the worksheet for Bray Company are shown as follows.

Instructions
a. Prepare an income statement, an owner€™s equity statement, and a classified balance sheet.
b. Prepare the closing entries. L. Bray did not make any additional investments during the year.
c. Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.
d. Prepare a post-closing trial balance.

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Bray Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account No. Account Titles Cr. Dr. Cr. Dr. Cash 101 8,800 10,800 Accounts Receivable 112 Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings 130 2,800 24,000 157 158 4,200 9,000 201 212 2,400 19,500 301 11,000 306 400 Service Revenue 60,000 Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 622 1,700 711 2,800 722 1,800 30,000 726 732 1,400 Totals 37,700 60,000 57,400 35,100 Net Income 22,300 22,300 57,400 60,000 60,000 57,400