The completed financial statement columns of the worksheet for Bray Company are shown as follows.

Instructions
(a) Prepare an income statement, an owner€™s equity statement, and a classified balance sheet.
(b) Prepare the closing entries. L. Bray did not make any additional investments during the year.
(c) Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.
(d) Prepare a post-closing trialbalance.

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BRAY COMPANY Worksheet For the Year Ended December 31, 2017 Income Statement Balance Sheet Account Account Titles No. 101 112 Accounts Receivable 130 Prepaid Insurance 157 Equipment 158 Accumulated Depreciation-Equip 20 Accounts Payable 212 301 306 400 622 Maintenance and Repairs Expense 711 Depreciation Expense 722 Insurance Expense 726 Salaries and Wages Expense 732 Utilities Expense Cr Dr 8,800 10,800 2,800 24,000 Cash 4,200 9,000 2,400 19,500 Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue 11,000 60,000 1,700 2,800 1,800 30,000 1,400 Totals Net Income 37,700 60,000 57,400 35,100 22,300 60,000 60,000 57,400 57,400 22,300