Instructions

a$.$ Complete the worksheet by extending the balances to the fi nancial statement columns.

b$.$ Prepare an income statement, owner$$s equity statement, and a classifi ed balance sheet. $($Note: $$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 J$14$ 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.