The adjusted trial balance columns of the worksheet for Whitmore Company are as follows.

Instructionsa. Prepare an income statement, owner?s equity statement, and a classified balance sheet. $10,000 of the notes payable become due in 2023. B. Whitmore did not make any additional investments in the business during 2022.b.?Prepare the closing entries.c.?Post the closing entries. Use the three-column form of account. Income summary is No. 350.d. Prepare a post-closing trial balance.

Transcribed Image Text:

Whitmore Company Adjusted Trial Balance For the Year Ended December 31, 2022 Adjusted Trial Balance Account Debit Credit No. Account Titles $ 20,800 Cash 101 Accounts Receivable 112 15,400 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable B. Whitmore, Capital B. Whitmore, Drawings 126 2,300 4,800 130 151 44,000 $ 18,000 152 20,000 200 8,000 201 212 3,000 230 1,000 301 36,000 306 12,000 Service Revenue 79,000 400 Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense 610 12,000 631 3,700 711 6,000 722 4,000 39,000 726 905 1,000 Totals $165,000 $165,000