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Balance Debit The partial work sheet of Midtown Repair Company at December 31, 2023 as follows: Adjusted Trial Balance Sheet of Owner's Equity Debit
Balance Debit The partial work sheet of Midtown Repair Company at December 31, 2023 as follows: Adjusted Trial Balance Sheet of Owner's Equity Debit Credi Income Statement Credit Debit Credit Cash 95,600 Notes receivable (current) 50,000 Prepaid insurance 1,6000 Prepaid rent 4,000 Equipment 170,000 Accumulated depreciation - equipment 57,000 Accounts payable 52,000 Long-term notes payable 63,000 C. Trout Capital 178,500 C. Trout, withdrawal 30,000 Repair services revenue 180,800 Interest revenue 7,500 Depreciation expense - equipment 28,500 Wages expense 85,000 Rent expense 48,000 Insurance expense 6,000 Interest expense 5,700 538,800 538,800 Totals Required: 1. Complete the work sheet by extending the adjusted trial balance totals to the appropriate financial statement columns. 2. Prepare closing entries for midtown repair company 3. Set up income summary and the C. trout, capital account in the general ledger (in balance column format) and post the closing entries to these accounts.
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