Woods Company _Financial Statements

Question The completed financial statement columns of the worksheet for Woods Company are shown below. Account No. Account Titles Income Statement Balance Sheet Debit Credit Debit Credit 101 Cash $8200 112 Accounts Receivable $7500 130 Prepaid Insurance $1800 157 Equipment $28000 167 Accumulated Depreciation $8600 201 Accounts Payable $11700 212 Salaries Payable $3000 301 S. Woods Capital $34000 306 S. Woods Drawing 7200 400 Service revenue $44000 622 Repair Expense $5400 711 Depreciation Expense $2800 722 Insurance Expense $1200 726 Salaries Expense $35200 732 Utilities Expense $4000 Totals $48600 $44000 $52700 $57300 Net Loss $4600 $4600 $48600 $48600 $57300 $57300 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 $4000 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 trial balance.

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