Post the closing entries and balance the accounts. (Post entries in the order of journal entries presented in the previous part.)

I am completely stuck on figuring out the closing entries.

Wildhorse Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Account No. 101 112 130 8,700 10,700 2,700 23,500 157 158 201 4,300 9,200 2,200 19,200 212 301 306 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 Salaries and Wages Expense Utilities Expense Totals Net Income 11,100 59,800 400 622 711 722 726 732 1,800 2,900 1,800 29,900 1,600 38,000 21,800 59,800 59,800 56,700 34,900 21,800 56,700 59,800 56,700 (al) Your answer is correct. Prepare an income statement. (Enter negative amounts using either a negative sign p WILDHORSE COMPANY Income Statement For the Year Ended December 31, 2020 Revenues Service Revenue 59800 Expenses Salaries and Wages Expense 29900 Maintenance and Repairs Expense 1800 Utilities Expense 1600 Depreciation Expense 2900 Insurance Expense 1800 Total Expenses 38000 Net Income / (Loss) 21800 Click if you would like to Show Work for this question: Open Show Work WILDHORSE COMPANY Owner's Equity Statement For the Year Ended December 31, 2020 D' Capital, la 1 V 19200 AV 21800 41000 11100 Dwn's Capital, December 20000 Click if you would like to Show Work for this question Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TOT LINK TO TEXT LINK TO TEXT Your is correct. Prepare a classified balance sheet. (List Current Assets in order of liquidity.) WILDHORSE COMPANY Balance She December 31, 2020 8700 Accounts locavable 10700 Prepaid Insurance 2700 Total Cut Assets 22100 Property, plant and in Equipment 23500 Accumulated Deprecationen 4300 19200 41.100 Liabilities and Owner's Equity Accounts Payable 9200 Salaries and Wages Payable 2200 Total Current Lab 11400 Dwn Equity D's Capital 29000 Total Liabilities and Owner's Equity 41300 Click if you would like to Show Work for this question: Open Show Work Debit Credit Date Account Titles and Explanation Dec. 31 Service Revenue 59800 S 59800 Income Summary (To close revenue account) Dec. 31 Income Summary 38000 Salaries and Wages Expense 29900 > Maintenance and Repairs Expense 1800 Utilities Expense 1600 Depreciation Expense 2900 1800 Insurance Expense (To dose expense accounts) Dec. 31 Income Summary 21800 21800 Owner's Capital (To doseret income / (loss)) Dec. 31 Owner's Capital 11100 11100 Owner's Drawings (To dose drawings) Post the closing entries and balance the accounts. (Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 Owner's Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732 Click if you would like to Show Work for this question: Open Show Work