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Assist with completing trial sheets and balance sheets. The adjusted trial balance of Karise Repairs on December 31, 2017, follows. KARISE REPAIRS Adjusted Trial Balance
Assist with completing trial sheets and balance sheets.
The adjusted trial balance of Karise Repairs on December 31, 2017, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2017 No. Account Title Debit 101 Cash $102,000 124 Office supplies 1,500 128 Prepaid insurance 2,750 167 Equipment 56,000 Accumulated depreciation 168 Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 19,500 401 Repair fees earned Depreciation expense 612 5,600 Equipment 623 Wages expense 37,000 637 Insurance expense 1,100 640 Rent expense 11,500 650 Office supplies expense 4,400 690 Utilities expense 3,400 Totals $244,750 Credit $ 5,600 14,500 1,200 39,000 184,450 $244,750 Assume there are no owner investments in 2017. Required: 1a. Prepare an income statement for the year 2017. 1b. Prepare a statement of owner's equity for the year 2017. 1c. Prepare a classified balance sheet at December 31, 2017. 2. Complete the work sheet using the adjusted trial balance in the first two columns of a six-column table. Use columns three and four for closing entry information and the last two columns for a post-closing trial balance. 3. Using information from the work sheet in Requirement 2, prepare the appropriate closing entriesStep by Step Solution
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