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

Prepare the following

Prepare an income statement.

prepare owners equity statement. (List items that increase owner's equity first.)

Prepare a classified balance sheet. (List Current Assets in order of liquidity.)

Prepare the closing entries. L. Bray did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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

Prepare a post-closing trial balance.

The Completed financial statement Columns of the Worksheet for Bray Company are shown as follows: BRAY COMPANY Worksheet For the Year Ended December 31, 2017 Income Balance Sheet Statement Account Account Titles Dr. Dr. Cr. No 8,700 Cash 101 Accounts Receivable 10,700 112 Prepaid Insurance 130 2,600 23,500 157 Equipment Accumulated Depreciation-Equip 4,600 158 Accounts Payable 201 8,800 Salaries and Wages Payable 2,400 212 Owner's Capital 301 19,200 11,300 Owner's Drawings 306 400 60,200 Service Revenue Maintenance and Repairs Expense 622 1,800 2,900 Depreciation Expense 722 Insurance Expense 1,900 30,500 Salaries and Wages Expense 726 1,300 Utilities Expense 732 Totals 38,400 60,200 56,800 35,000 21,800 Net Income 21,800 60,200 56,800 56,800 60,200