Problem 4-03A a-d (Video) The completed financial statement columns of the worksheet for Blossom Company are shown as follows: Blossom Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Cash Account No. 101 112 130 157 8,800 10,600 3,000 23,800 158 201 212 4,500 9,200 2,500 301 19,700 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 11,100 306 400 622 711 722 726 59,900 1,800 3,200 2,000 29,900 1,600 732 59,900 57,300 38,500 21,400 59,900 35,900 21,400 Net Income 59,900 57,300 57,300 Your answer is partially correct. Prepare owner's equity statement. (List items that increase owner's equity first.) BLOSSOM COMPANY Owner's Equity Statement December 31, 2020 Owner's Capital, December 31 19700 Add Net Income / (Loss) 21400 Less Drawings 11100 Owner's Capital, January 1 31000 x Your answer is incorrect. Prepare a classified balance sheet. (List Current Assets in order of liquidity.) BLOSSOM COMPANY Balance Sheet Assets x x x x x x X X Liabilities and Owner's Equity x x x X x x x X X Your answer is incorrect. Prepare the closing entries. L. Blossom did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit x X Dec. 31 X X X (To close revenue account) X Dec. 31 x x x x x x x (To close expense accounts) X Dec. 31 x x (To close net income / (loss)) x Dec. 31 (To close 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 x x x Owner's Drawings No. 306 x X Income Summary No. 350 X X x x Service Revenue No. 400 X X Maintenance and Repairs Expense No. 622 x x Depreciation Expense No. 711 X Insurance Expense No. 722 x X Salaries and Wages Expense No. 726 X x Utilities Expense No. 732 x X Your answer is incorrect. Prepare a post-closing trial balance. BLOSSOM COMPANY Post-Closing Trial Balance Debit Credit X x Didddddd x x x x x X X 59 Totals