5. FINANCIAL STATEMENTS, CLOSING ENTRIES & TRIAL BALANCE P4.2A (LO 1, 3) AP The adjusted trial balance for Bray Company is below. BRAY COMPANY Adjusted Trial Balance December 31, 2024 Account Titles Account No. Dr. Cr. 101 Cash $ 8,800 112 Accounts receivable 10,800 130 Prepaid insurance 2,800 157 Equipment 24,000 158 Accumulated depreciation-equipment $ 4,200 201 Accounts payable 9,000 212 Salaries payable 2,400 301 L. Bray, capital 19,500 306 L. Bray, drawings 11,000 400 Service revenue 60,000 622 Repairs expense 1,700 711 Depreciation expense 2,800 722 Insurance expense 1,800 726 Salaries expense 30,000 732 Utilities expense 1,400 Totals $95,100 $95,100 Instructions a. Prepare an income statement, a statement of owner's equity, and a classified 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. Taking It Further 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.