The completed financial statement columns of the spreadsheet 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. Enter the December 31 balances in the ledger accounts. 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.

Transcribed Image Text:

Account No. 101 112 130 157 158 201 212 301 306 400 622 711 722 Bray Company For the Year Ended December 31, 2022 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Income Statement Dr. 1,700 2,800 1,800 Cr. 60,000 Balance Sheet Cr. Dr. 8,800 10,800 2,800 24,000 11,000 4,200 9,000 2,400 19,500