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I am struggling to answer 1c and 2. (1a and 1b do not need to be answered) The adjusted trial balance of Karise Repairs on
I am struggling to answer 1c and 2. (1a and 1b do not need to be answered)
The adjusted trial balance of Karise Repairs on December 31 follows. Credit Number 101 124 128 Debit $ 26,000 2,000 2,550 54,000 167 KARISE REPAIRS Adjusted Trial Balance December 31 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense office supplies expense Utilities expense Totals 168 201 210 301 302 403 612 623 $ 5,400 13,000 1,400 34,000 16,500 106,550 637 640 650 690 5,400 35,000 900 10,500 4,300 3,200 $ 160,350 $ 160,350 Note: C. Karise, Capital account balance was $34,000 on December 31 of the prior year, and there were no owner investments during the year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of owner's equity for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entriesStep by Step Solution
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