I need help with completing work sheet ,part 4 on tab problem 04-04A and 07-03A.

Student Name: Class: Problem 04-04A KARISE REPAIRS Income Statement For the Year Ended December 31, 2013 Repair fees earned $ $ Expenses: Depreciation expense - Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Total expenses Net income $ 90,950 60,200 30,750 5,000 37,500 800 10,600 3,600 2,700 Correct! KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31, 2013 C. Karise, Capital, January 1, 2013 Add: Net income $ Less: Withdrawals C. Karise, Capital, December 31, 2013 $ 33,000 30,750 16,000 47,750 Correct! KARISE REPAIRS Balance Sheet December 31, 2013 Assets Current assets Cash Office supplies Prepaid insurance Total current assets Plant assets Equipment Accumulated depreciation - Equipment Total assets $ 14,000 1,300 2,050 $ 17,350 $ 5,000 62,350 50,000 67,350 Correct! Liabilities Current liabilities Accounts payable Wages payable Total current liabilities $ 14,000 600 14,600 Equity C. Karise, Capital Total liabilities and equity $ 33,000 62,350 Correct! KARISE REPAIRS Work Sheet For Year Ended December 31, 2013 No. 101 124 128 167 168 201 210 301 302 401 612 623 637 640 650 690 901 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Repair fees earned Depreciation expense - Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Income summary Totals Adjusted Trial Balance Debit Credit 14,000 1,300 2,050 50,000 5,000 14,000 600 33,000 16,000 90,950 5,000 37,500 800 10,600 3,600 2,700 143,550 143,550 (Jnl.) Closing Entry Information Debit (Jnl.) Credit Post-Closing Trial Balance Debit Credit Student Name: Class: Problem 04-04A KARISE REPAIRS General Journal Debit (1) (2) (3) (4) Dec. 31, 2013 Closing entries: Repair Fees Earned Income Summary To close the revenue account. Income Summary Depreciation Expense - Equipment Wages Expense Insurance Expense Rent Expense Office Supplies Expense Utilities Expense To close the expense accounts. Credit 90,950 Correct! 90,950 60,200 Correct! Income Summary C. Karise, Capital To close the Income Summary account. Correct! C. Karise, Capital C. Karise, Withdrawals To close the withdrawals account. Correct! 5,000 37,500 800 10,600 3,600 2,700 30,750 33,000 16,000 16,000 Part 4: Assume for this part only: (a) None of the $800 insurance expense had expired during the year. Instead, assume it is a prepayment of the next period's insurance protection. (b) There are no earned and unpaid wages at the end of the year. Describe the financial statement changes that would result from these two assumptions. Given Data P04-04A: KARISE REPAIRS Adjusted Trial Balance December 31, 2013 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation - Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals Check figures: (1) Ending capital balance Net Income (2) Post-closing trial balance totals $ 14,000 1,300 2,050 50,000 $ 5,000 14,000 600 33,000 16,000 90,950 $ $ $ $ 5,000 37,500 800 10,600 3,600 2,700 143,550 $ 47,750 30,750 67,350 143,550 Student Name: Class: Problem 07-03A Page 2 CHURCH COMPANY Sales Journal Inv. No. 854 855 856 857 858 Date Account Debited Mar. 2 Min Cho 3 Linda Witt 10 Jovita Albany 27 Jovita Albany 28 Linda Witt 31 Total Acct. Rec. Debit Sales Cr. 16,800 10,200 5,600 14,910 4,315 51,825 Correct! PR COGS Debit Inv. Credit 8,400 5,800 2,900 7,220 3,280 27,600 Correct! Page 2 CHURCH COMPANY Purchases Journal Date Account Mar. 1 Van Industries 3 Gabel Company 9 Office Equip./Spell Supply 14 The CD Company 16 Store Supplies/Gabel Co. 31 Totals Inv. Date 3/1 3/3 3/9 3/13 3/16 Terms 2/15, n/30 n/10, EOM n/10, EOM 2/10, n/30 n/10, EOM PR 163/ 125/ Accounts Payable Credit 43,600 1,230 21,850 32,625 1,770 101,075 Correct! Inventory Debit 43,600 1,230 163 32,625 125 77,743 Try again! Office Supplies Debit Other Accounts Debit 21,687 1,645 23,332 Try again! Page 2 CHURCH COMPANY Cash Receipts Journal Date Account Credited Mar. 6 L.T. Notes Pay 12 Min Cho 13 Linda Witt 15 Sales 20 Jovita Albany 31 Sales 31 Totals Explanation Note to bank Invoice, 3/2 Invoice, 3/3 Cash sales Invoice, 3/10 Cash sales PR 251 Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Accounts Credit COGS Debit Inv. Credit 18,300 Page 2 CHURCH COMPANY Cash Disbursements Journal Date Mar. 13 15 23 31 31 Check No. 416 417 418 419 Payee Van Industries Payroll The CD Co. Payroll Totals Account Debited Van Industries Sales Salaries Exp. The CD Company Sales Salaries Exp. PR 621 621 Cash Credit Inventory Credit Other Accts. Debit Accts. Pay. Debit Student Name: Class: Problem 07-03A Page 2 CHURCH COMPANY General Journal Date Description Mar. 17 Accounts Payable-The CD Co. Inventory Received a credit memo for returns. PR 201/ 119 19 Accounts Payable-Spell Supply Office Equipment Received a credit memo for returns. Debit Credit 201/ 163 Account No. 101 CHURCH COMPANY General Ledger Cash Date Mar. 31 31 Explanation PR R2 D2 Debit Accounts Receivable Date Mar. 31 31 Explanation Account No. PR S2 R2 Debit Inventory PR Debit Explanation Account No. PR P2 Debit Store Supplies Explanation Explanation PR P2 Debit Explanation Credit Account No. PR P2 G2 Debit Accounts Payable Date Mar. 17 19 31 31 Credit Account No. Office Equipment Date Mar. 9 19 Credit Balance 106 Balance 119 Balance G2 P2 D2 S2 R2 Office Supplies Date Mar. 16 Credit Account No. Date Explanation Mar. 1 Beginning balance 17 31 31 31 31 Date Mar. 31 Credit Credit Account No. PR G2 G2 P2 D2 Debit Credit 124 Balance 125 Balance 163 Balance 201 Balance Student Name: Class: Problem 07-03A Long-Term Notes Payable Date Mar. 6 Explanation Account No. PR R2 Debit Z. CHURCH, Capital Date Explanation Mar. 1 Beginning balance Account No. PR Debit Sales Date Mar. 31 31 Explanation PR S2 R2 Debit Explanation Explanation PR R2 Debit Explanation Credit Account No. PR R2 S2 Debit Sales Salaries Expense Date Mar. 15 31 Credit Account No. Cost of Goods Sold Date Mar. 31 31 Credit Account No. Sales Discounts Date Mar. 31 Credit Credit Account No. PR D2 D2 Debit 251 Balance 301 Balance 413 Balance 415 Balance 502 Balance 621 Credit Balance Debit Credit Balance Debit Credit Balance Debit Credit Balance CHURCH COMPANY Accounts Receivable Ledger Jovita Albany Date Mar. 10 20 27 Explanation PR S2 R2 S2 Min Cho Date Mar. 2 12 Explanation PR S2 R2 Linda Witt Date Mar. 3 13 28 Explanation PR S2 R2 S2 Student Name: Class: Problem 07-03A CHURCH COMPANY Accounts Payable Ledger The CD Company Date Mar. 14 17 23 Explanation PR P2 G2 D2 Debit Credit Balance Debit Credit Balance Debit Credit Balance Debit Credit Balance Debit Credit Gabel Company Date Mar. 3 16 Explanation PR P2 P2 Spell Supply Date Mar. 9 19 Explanation PR P2 G2 Van Industries Date Mar. 1 13 Explanation PR P2 D2 CHURCH COMPANY Trial Balance March 31 Cash Accounts receivable Inventory Office supplies Store supplies Office equipment Accounts payable Long-term notes payable Z. Church, Capital Sales Sales discounts Cost of goods sold Sales salaries expense Totals CHURCH COMPANY Schedule of Accounts Receivable March 31 Jovita Albany Linda Witt Total accounts receivable CHURCH COMPANY Schedule of Accounts Payable March 31 Gabel Company Spell Supply Total accounts payable Given Data P07-03A: CHURCH COMPANY Date Description Mar. 1 Received merchandise and invoice 2 Merchandise sold (cost $8,400) 3 Purchased office supplies 3 Merchandise sold (cost $5,800) 6 Borrowed on long-term note payable 9 Purchased office equipment 10 Sold merchandise (cost $2,900) 12 Received payment less discount 13 Paid invoice less discount 13 Received payment less discount 14 Purchase merchandise 15 Check issued for sales salaries 15 Cash sales for first half of month (cost $20,210) 16 Purchased store supplies 17 Received credit memo on returned merchandise. 19 Received credit memo on returned office equipment 20 Received payment less discount 23 Paid invoice less discount and credit memo 27 Merchandise sold (cost $7,220) 28 Merchandise sold (cost $3,280) 31 Check issued for sales salaries 31 Cash sales for second half of month (cost $16,820) Name Van Industries Min Cho Gabel Company Linda Witt Federal Bank Spell Supply Jovita Albany Min Cho Van Industries Linda Witt CD Company Payroll Gabel Company CD Company Spell Supply Jovita Albany CD Company Jovita Albany Linda Witt Payroll Additional information: March 1 beginning balance for inventory March 1 beginning balance for Z. CHURCH, Capital $ $ 10,000 10,000 Check figure: Trial balance totals $ 232,905 Inv. No. or Date Mar. 1 854 Mar. 3 855 Mar. 9 856 854 Mar. 1 855 Mar. 13 Mar. 15 Check No. 416 n/10 EOM 2/10, n/30 2/10, n/30 2/10, n/30 2/10, n/30 2/10, n/30 417 Mar. 16 856 Mar. 13 857 858 Mar. 31 Terms 2/15, n/30 2/10, n/30 n/10 EOM 2/10, n/30 n/10 EOM 418 419 2/10, n/30 2/10, n/30 2/10, n/30 2/10, n/30 Amount 43,600 16,800 1,230 10,200 82,000 21,850 5,600 32,625 18,300 34,680 1,770 2,425 630 14,910 4,315 18,300 30,180