Textbook Problem

Williams Mechanic Services prepared the following work sheet for the year ended March 31,20--.

Required

1. 1. Complete the work sheet. (Skip this step if using CLGL.)
2. 2. Prepare an income statement.
3. 3. Prepare a statement of owner’s equity. Assume that there was an additional investment of $5,000 on March 13.
4. 4. Prepare a balance sheet.
5. 5. Journalize the closing entries using the four steps in the correct sequence.
6. 6. Prepare a post-dosing trial balance.

Check Figure

Post-closing trial balance total, $31,765