Prepare the closing entries melissa did not make any

Question

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

Instructions

(a) Prepare an income statement, an owner's equity statement, and a classified balance sheet.

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

(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.