Accounting $50$ Homework $-$ Monte's Repairs

A completed worksheet for Monte's Repairs is shown on the next page. There are no additional investment ledger accounts provided. Here is a summary the balance amounts $($before adjustments$)$ have been entered in the

Assets $$

$122$ Accounts Receivable

$141$ Supplies

$185$ Delivery Equipment

$185\mathrm{.}1$ Acc. Dep. $-$ Delivery Equip.

Liabilities

$202$ Accounts Payable $219$ Wages Payabe

Owner's Equity

$311$ Monte Eli, Capital

$313$ Income Summary

Revenu

$401$ Repair Fees

Expenses

$511$ Wages Expense

$512$ Advertising Expense $521$ Rent Expense

$521523$

$523525$

$525$ Telephos Expense

$535$ Insurance Expense

$538$ Gas and Oil Expense

$541$ Dep. Exp. $-$ Delivery Equipment

$549$ Miscellaneous Expense

Instructions:

Prepare an Income Statement.

Prepare a Statement of Owner's Equity.

Prepare a Balance Sheet.

Journalize and post the adjusting entries.

Journalize and post the closing entries.

Prepare a Post$-$Closing Trial Balance