The completed financial statement columns of the worksheet for Bray Company

The completed financial statement columns of the worksheet for Bray Company are shown as follows.

Bray Company
Worksheet
For the Year Ended December 31, 2019

Instructions

Prepare an income statement, owner's equity statement, and a classified balance sheet.
Prepare the closing entries.L. Bray did not make any additional investments during the year..
Post the closing entries and underline and balance the accounts (Use T-accounts.). Income Summary is No. 350.
Prepare a post-closing trial balance.

Solution

Bray Company
Income Statement
For the Year Ended December 31, 2019

Bray Company
Owner's Equity Statement
For the Year Ended December 31, 2019

Bray Company
Balance Sheet
December 31, 2019

Bray Company
Closing Journal Entries

Bray Company
T Accounts

Bray Company
Post-Closing Trial Balance
December 31, 2019

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Problem-3: Completing the Accounting Cycle

Instructions

Solution

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