Post the closing entries and rule and balance the accounts

Question

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.