Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31, 2017, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2017 No. Account Title Debit Credit 101 Cash $125,000 1240ffice supplies 1,200 128 Prepaid insurance 2,200 167 Equipment 54,000 Accumulated depreciation 168 $ 5,400 -Equipment 201 Accounts payable 12,000 210 Wages payable 1,100 301C. Karise, Capital 37,000 302 C. Karise, Withdrawals 16,500 401 Repair fees earned 206,900 Depreciation expense- 5,400 Equipment 623 Wages expense 37,000 637 Insurance expense 1,000 640 Rent expense 12,500 650 Office supplies expense 4,400 690 Utilities expense 3,200 Totals $262,400 $262,400 612 Assume there are no owner investments in 2017. Required: 1a. Prepare an income statement for the year 2017. 1b. Prepare a statement of owner's equity for the year 2017, 1c. Prepare a classified balance sheet at December 31, 2017 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 Required Required Required Required 1A 1B 1C 2 3 Prepare an income statement for the year 2017. KARISE REPAIRS Income Statement For Year Ended December 31, 2017 Revenues: Expenses: Total expenses Required 1A Required 1B > Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1A 1B 1C 2 3 Prepare a statement of owner's equity for the year 2017. KARISE REPAIRS Statement of Owner's Equity For Year Ended December 31, 2017 C. Karise, Capital, Jan. 1, 2017 C. Karise, Capital, Dec. 31, 2017 Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1A 1B 1C 2 3 Prepare a classified balance sheet at December 31, 2017. KARISE REPAIRS Balance Sheet December 31, 2017 Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1A 1B 1C 2 3 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. Show less KARISE REPAIRS Partial Work Sheet For Year Ended December 31, 2017 Adjusted Closing Post-Closing Trial Balance Entry Information Trial Balance No. Account Title Dr. Cr. Dr. Cr. Dr. Cr. $ 101 Cash 125,000 124 Office supplies 1,200 128 Prepaid insurance 2,200 167 Equipment 54,000 Accumulated depreciation- 168 $ 5,400 Equipment 201 Accounts payable 12,000 210 Wages payable 1,100 301 C. Karise, Capital 37,000 302 C. Karise, Withdrawals 16,500 401 Repair fees earned 206,900 Depreciation expense- 612 5,400 Equipment 623 Wages expense 37,000 637 Insurance expense 1,000 640 Rent expense 12,500 650 Office supplies expense 4,400 690 Utilities expense 3,200 901 Income summary Total $ 262,400 $ 262,400 Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1A 1c 2 3 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. 1B View transaction list Journal entry worksheet Record the entry to close revenue account(s). Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry View general journal Clear entry
