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

Instructions
(a) Prepare an income statement, owner's equity statement, and a classified balance sheet. $10,000 of the notes payable become due in 2018. B. Whitmore did not make any additional investments in the business during 2017.
(b) Prepare the closing entries.
(c) Post the closing entries. Use the three-column form of account. Income summary is No. 350.
(d) Prepare a post-closing trial balance.

Transcribed Image Text:

WHITMORE COMPANY Adjusted Trial Balance For the Year Ended December 31, 2017 Adjusted Trial Balance Account Credit Salaries and Wages Payable B. Whitmore, Capital B. Whitmore, Drawing Depreciation Expense Salaries and Wages Expense S165,000 $165,000