Problem 4-5A (Algo) Preparing financial statements and closing entries LO C1, P2 Credit Debit $ 37,000 2.000 2.350 55,000 The adjusted trial balance of Karise Repairs on December 31 follows. KARTSE REPAIRS Adjusted Trial Balance December 31 Number Account Title 101 Cash 124 Office supplies 128 Prepaid Insurance 167 Equipment 168 Accumulated depreciation Equipeerit 201 Accounts payable 210 Mages payable 301 C. Karise, Capital 302 C. Karise. Withdrawals 403 Services revenue 612 Depreciation expense-Equipent 623 tages expense 637 Insurance expense 640 Rent expense 650 Office Supplies expense 690 Utilities expense Totals $5,500 15,500 1.100 35,000 118.950 17.000 5,500 36.000 1.200 12,500 4,100 3,400 $ 175,050 $ 176,050 Note C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner Investments during the year Required: 10. Prepare an income statement for the year. 1b. Prepare a statement of owner's equity for the year 10. Prepare a classified balance sheet at December 31, 2. Prepare the December 31 closing entries Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues Expenses Total expenses 0 $ 0 Required 1A Required 1B > Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 2 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, December 31 prior year Add: Investments by owner 0 0 C. Karise, Capital, December 31 current year $ 0 Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 2 Prepare a classified balance sheet at December 31. KARISE REPAIRS Balance Sheet December 31 S 0 0 0 Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 Prepare the December 31 closing entries. View transaction list Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal