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The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $ 109,000 1,900 2,150 51,000 KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 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 $ 5,100 12,500 1,000 31,000 17,000 204,650 5,100 45,000 700 15,000 3,200 4,200 $ 254, 250 $ 254, 250 Note: C. Karise, Capital was $31,000 on December 31 of the prior 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. 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 entries. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses: Total expenses 0 $ 0 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare a statement of owner's equity for the year. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31 C. Karise, Capital, Dec. 31 prior year end 0 C. Karise, Capital, Dec. 31 current year end $ 0 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare a classified balance sheet at December 31. KARISE REPAIRS Balance Sheet December 31 $ 0 0 0 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet Record the entry to close expense account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Required 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Record the entry to close the withdrawals account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal
