P4-3A WOODS COMPANY, INC. Worksheet For the Year Ended December 31, 2008 Account Income Statement Balance Sheet No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,200 112 Accounts Receivable 7,500 130 Prepaid Insurance 1,800 157 Equipment 28,000 167 Accumulated Depreciation 8,600 201 Accounts Payable 11,700 212 Salaries Payable 3,000 311 Common Stock 20,000 320 Retained Earnings 14,000 332 Dividends 7,200 400 Service Revenue 44,000 622 Repair Expense 5,400 711 Depreciation Expense 2,800 722 Insurance Expense 1,200 726 Salaries Expense 35,200 732 Utilities Expense 4,000 Totals 48,600 44,000 52,700 57,300 Net Loss 4,600 4,600 48,600 48,600 57,300 57,300 Instructions (a) Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additional common stock was issued during 2008. (b) Prepare the closing entries. (c) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350. (d) Prepare a post-closing trial balance