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
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
a.
Bray Company
Income Statement
For the Year Ended December 31, 2019
Income Statement
For the Year Ended December 31, 2019
Bray Company
Owner's Equity Statement
For the Year Ended December 31, 2019
Owner's Equity Statement
For the Year Ended December 31, 2019
Bray Company
Balance Sheet
December 31, 2019
b.
Bray Company
Closing Journal Entries
Closing Journal Entries
c.
Bray Company
T Accounts
T Accounts
d.
Bray Company
Post-Closing Trial Balance
December 31, 2019
Post-Closing Trial Balance
December 31, 2019
