Problem 4-1 Listed below is the trial balance of the Sims Repair Shop. Sims Repair Shop Trial Balance December 31, 20X1 35,000 4,000 750 13,550 17,000 Cash Prepaid Rent Prepaid Insurance Repair Supplies Truck Accumulated Depreciation, Truck Accounts Payable J. Sims, Capital J. Sims, Withdrawals Repair Fees Earned Wages Expense Rent Expense Utilities Expense 3,000 12,000 15,000 1,500 94,300 35,000 12,000 5,500 124,300 124,300 Required: 1. Enter the trial balance amounts on the worksheet. Be sure to check to assure that all amounts were entered correctly. 2. Complete the worksheet using the following information: a) An inventory of repair supplies shows an unused balance of $8,000. b) Estimated depreciation on the truck is $700. c) $700 of insurance coverage time is elapsed. d) Prepaid rent should have a $2,500 balance. e) There are $2,000 of accrued wages. 3. Prepare an income statement, a statement of owner's equity and a Balance Sheet. 4. Prepare the adjusting entries. 5. Prepare the closing entries