The adjusted trial balance columns of the worksheet for Nguyen Company, owned by C. Nguyen, 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 statement of financial position. (Note: $4,000 of the notes payable become due in 2021.) C. Nguyen did not make any additional investments in the business during the year.
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 No. 350.
e. Prepare a post-closing trial balance.

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Nguyen Company Worksheet For the Year Ended December 31, 2020 Adjusted Trial Balance Account No. Account Titles Dr. Cr. Cash 101 5,300 10,800 1,500 2,000 27,000 112 Accounts Receivable 126 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Owner's Capital Owner's Drawings 130 157 158 5,600 15,000 6,100 3,600 200 201 212 230 600 13,000 301 306 400 7,600 Service Revenue 61,000 Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense 9,000 610 631 4,000 5,600 3,500 28,000 600 711 722 726 905 104,900 Totals 104,900