Problem $2$:

$\backslash$table$[[$Adjusted Trial Balance$],[$December $31,20$XX$],[101,$Cash,$14,000,,],[124,$Supplies,$1,300,,],[128,$Prepaid Insurance,$2,050,,],[167,$Equipment,$50,000,,],[168,$Accum. Depr. $-$ Equip,,$5,000,],[201,$Accounts Payable,,$14,000,],[210,$Wages Payable,,$600,],[301,$Kaprise Capital,$16,000,33,000,],[302,$Kaprise Drawing,,$-,],[303,$Income Summary,,$90,950,],[406,$Services Revenue,$5,000,,],[612,$Depreciation Exp$-$ Equip,$37,500,,],[623,$Wages Expense,$800,,],[637,$Insurance Expense,$10,600,,],[640,$Rent Expense,$3,600,,],[650,$Supplies Expense,$2,700,,],[690,$Utilities Expense,$143,550,143,550,],[,,,,],[,,$Totals,,$]]$

Prepare the income statement, statement of owner's equity and the balance sheet $***$ The $$33,000$ capital balance rolled over from the prior year; No owner investments in the current year.

Record the closing entries in a general journal

Post the closing entries to the t$-$accounts

Kaprise Capital

$\backslash$table$[[,33,000]]$

$\frac{\text{K}\text{a}\text{p}\text{r}\text{i}\text{s}\text{e}\text{D}\text{r}\text{a}\text{w}\text{i}\text{n}\text{g}}{16,000}$

Income Summary

Service Revenue

$\backslash$table$[[$Depr Ex$,$xp$-$Equip$],[5,000,]]$

$90,950$

Insurance Expense

$\frac{\text{W}\text{a}\text{g}\text{e}\text{s}\text{E}\text{x}\text{p}\text{e}\text{n}\text{s}\text{e}}{37,500}$

$\frac{\text{I}\text{n}\text{s}\text{u}\text{r}\text{a}\text{n}\text{c}\text{e}\text{E}\text{x}\text{p}\text{e}\text{n}\text{s}\text{e}}{800}$

$\frac{\text{R}\text{e}\text{n}\text{t}\text{E}\text{x}\text{p}\text{e}\text{n}\text{s}\text{e}}{10,600}$

Supplies Expense

Utilities Expense

$3,600$

$2,700$