The completed financial statement columns of the work sheet for Bray Company are available.
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?

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BRAY COMPANY Work Sheet For the Year Ended December 31, 2017 Income Statement Balance Sheet Account No. 101 112 130 Prepaid insurance 157 158Accumulated depreciation-equipment 201 212 301 306 L Bray, drawings 400 622 711 Depreciation expense 722 726Salaries expense 732 Account Titles Dr. Cr. Dr. 8,800 10,800 2,800 24,000 Cr Cash Accounts receivable quipment Accounts payable Salaries payable 1L Bray, capital 4,200 9,000 2,400 19,500 11,000 Service revenue 60,000 1,700 2,800 1,800 30,000 1,400 Maintenance expense Insurance expense Utilities expense Totals Net income 37,700 60,000 57,400 35,100 o 22,300 60,000 60,000 57,40057,400 22,300