The completed adjusted trial balance for Bray Company is below. Instructions a. Prepare an income statement, a

Question:

The completed adjusted trial balance for Bray Company is below.

Instructions

a. Prepare an income statement, a statement of owner?s equity, and a classifi ed balance sheet. L. Bray did not make any additional investments during the year.

b. Prepare the closing entries.

c. Post the closing entries and calculate the balance in each account. (Use T accounts.) Income Summary is account No. 350.

d. Prepare a post-closing trial balance.

L. Bray has been told that, after the closing entries have been posted, he should stop and check his work. Explain to L. Bray what he should be checking for.

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Accounting Principles Volume 1

ISBN: 978-1119502425

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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