P4-3A The completed financial statement columns of the worksheet for Bray Company are shown as follows. \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[b]{3}{

\begin{array}{l} \text { Account } \ \text { No. } \ \hline \end{array}

} & \multicolumn{5}{|l|}{\begin{tabular}{l} BRAY COMPANY \ Worksheet \ For the Year Ended December 31, 2017 \end{tabular}} \ \hline & \multirow[b]{2}{

}{Account Titles} & \multicolumn{2}{|l|}{Income Statement} & \multicolumn{2}{|l|}{Balance Sheet} \ \hline & & Dr. & Cr. & Dr. & Cr. \ \hline 101 & Cash & & & 8,800 & \ \hline 112 & Accounts Receivable & & & 10,800 & \ \hline 130 & Prepaid Insurance & & & 2,800 & \ \hline 157 & Equipment & & & 24,000 & \ \hline 158 & Accumulated Depreciation-Equip. & & & & 4,200 \ \hline 201 & Accounts Payable & & & & 9,000 \ \hline 212 & Salaries and Wages Payable & & & & 2,400 \ \hline 301 & Owner's Capital & & & & 19,500 \ \hline 306 & Owner's Drawings & & & 11,000 & \ \hline 400 & Service Revenue & & 60,000 & & \ \hline 622 & Maintenance and Repairs Expense & 1,700 & & & \ \hline 711 & Depreciation Expense & 2,800 & & & \ \hline 722 & Insurance Expense & 1,800 & & & \ \hline 726 & Salaries and Wages Expense & 30,000 & & & \ \hline 732 & Utilities Expense & 1,400 & & & \ \hline & Totals & 37,700 & 60,000 & 57,400 & 35,100 \ \hline & Net Income & 22,300 & & & 22,300 \ \hline & & 60,000 & 60,000 & 57,400 & 57,400 \ \hline \end{tabular}

Instructions (b) Prepare the closing entries. L. Bray did not make any additional investments during the year.

4.PA.3b

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4.PA.3b

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