The adjusted trial balance columns of the worksheet for Greenwood Company are as follows.

Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, owner’s equity statement, and a classified balance sheet. ($5,000 of the notes payable become due in 2015.) T. Greenwood did not make any additional investments in the business during 2014.
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is account No. 350.
(e) Prepare a post-closing trialbalance.

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GREENWOOD COMPANY Worksheet For the Year Ended December 31, 2014 0 Adjusted Trial Balance Account 101 112 126 130 157 158 200 201 212 230 301 306 18,800 16,200 2,300 4,400 46,000 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Owner's Capital Owner's Drawings Service Revenue 20,000 20,000 8,000 2,600 1,000 26,000 12,000 87,800 610 Advertising Expense 631 Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense 10,000 3,700 8,000 4,000 39,000 1,000 165,400 722 726 905 Totals 165,400