Chapter 5, Problem 5PB

Tom’s Catering Services prepared the following work sheet for the year ended December 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 $2,500 on December 1.
4. 4. Prepare a balance sheet
5. 5. Journalize the closing entries with the four steps in the correct sequence.
6. 6. Prepare a post-closing trial balance.

Check Figure

Post-closing trial balance total, $31,665