The adjusted trial balance columns of the worksheet for Nguyen Company, owned by C. Nguyen, are as follows. 

Nguyen Company Worksheet For the Year Ended December 31, 2020, Adjusted Account Trial Balance No. 

Account Titles Dr. Cr. 101 

Cash 5,300 112 

Accounts Receivable 10,800 126 

Supplies 1,500 130 

Prepaid Insurance 2,000 157 

Equipment 27,000 158 

Accumulated Depreciation—

Equipment 5,600 200 

Notes Payable 15,000 201 

Accounts Payable 6,100 212 

Salaries and Wages Payable 3,600 230 

Interest Payable 600 301 

Owner’s Capital 13,000 306 

Owner’s Drawings 7,600 400 

Service Revenue 61,000 610 

Advertising Expense 9,000 631 

Supplies Expense 4,000 711 

Depreciation Expense 5,600 722 

Insurance Expense 3,500 726 

Salaries and Wages Expense 28,000 905 

Interest Expense 600 

Totals 104,900 104,900 

a. Adjusted trial balance $24,450 

b. Net income $2,420 

Total assets $17,680 

Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. 

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. (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