4-1 Listed below is the trial balance of the Sims Repair Shop. Sims Repair Shop Trial Balance December 31, 20X1 35,000 Cash Prepaid Rent 4,000 Prepaid Insurance 750 Repair Supplies 13,550 Truck 17,000 Accumulated Depreciation, Truck 3,000 Accounts Payable 12,000 J. Sims, Capital 15,000 J. Sims, Withdrawals 1,500 Repair Fees Earned 94,300 Wages Expense 35,000 Rent Expense Utilities Expense 12,000 5,500 124,300 124,300 Required: 1. Enter the trial balance amounts on the worksheet. Be sure to check to assure that all amounts were entered correctly. 2. Complete the worksheet using the following information: a) An inventory of repair supplies shows an unused balance of $8,000. b) Estimated depreciation on the truck is $700. c) $700 of insurance coverage time is elapsed. d) Prepaid rent should have a $2,500 balance. e) There are $2,000 of accrued wages. 3. Prepare an income statement, a statement of owner's equity and a Balance Sheet. 4. Prepare the adjusting entries. 5. Prepare the closing entries