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Post the closing entries and rule and balance the accounts

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Reference no: EM131137915

The completed financial statement columns of the worksheet for Woods Company are shown below.

Instructions

(a) Prepare an income statement, owner's equity statement, and a classified balance sheet.
S. Woods made an additional investment in the business of $4,000 during 2010.

(b) Prepare the closing entries.

(c) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.

(d) Prepare a post-closing trialbalance.  

Reference no: EM131137915

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