Practice Contractors ADJUSTED Trial Balance December 31, 2020 Account Title Cash Office supplies Prepaid insurance Equipment Debit Credit 10,000 1,100 2,500 40,000 Accumulated depreciation-Equipment Accounts payable Wages payable Unearned service revenue Note Payable (Short-term) $ 10,000 8,000 1,200 14,000 3,000 Note Payable (Long-term) 10,000 Capital 20,000 Withdrawals 6,000 Repair service revenue 75,000 Wages expense 50,000 Rent expense 12,000 Depreciation expense 10,000 Office supplies expense 3,600 Utilities expense 3,600 2,400 Insurance expense Total Required: $ 141,200 $ 141,200 Based on the adjusted account balances listed above, complete the following: a. Income Statement b. Statement of Owner's Equity (Note: all owner investements were made during 2020) c. Classified Balance Sheet Remember: All adjustments have already been made. For Instructor Use Only Prob #1 Prob #2 Total Earned Total Possible % Grade 40 STEP 7 PREPARE INCOME STATEMENT STEP PREPARE STATEMENT OF OWNER'S EQUITY STEP PREPARE BALANCE SHEET (CLASSIFIED) 2 Q W 50 54 13 : % 5 41 E R T 66 Rehearse Professionals ADJUSTED Trial Balance December 31, 2020 Account Title Debit Credit Cash $ 15,000 Office supplies 1,400 Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Unearned service revenue 2,500 50,000 $ 7,500 8,000 2,500 15,000 Note Payable (Short-term) 5,000 Note Payable (Long-term) 20,000 Capital 25,000 Withdrawals 10,000 Repair service revenue 100,000 Wages expense 60,000 Rent expense Depreciation expense Office supplies expense Advertising expense 24,000 7,500 4,000 5,000 Insurance expense Total Required: 3,600 $ 183,000 $ 183,000 Based on the adjusted account balances listed above, complete the following: 1 Journalize Closing Entries 2 Post The Closing Entries to the T-Accounts 3 Prepare The Post-Close Trial Balance Remember: All adjustments have already been made, and financial statements were already prepared by someone else. Date STEP 10: JOURNALIZE CLOSING ENTRIES Account Name Debit Credit STEP LE PREPARE ANTES TRIAL BALANCE POST CLOSE Trial Balance December 11, 2020 Titl