Sevd Help Save & Exit Submit CH3 #40 101 1 The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title 101 Cash 124 office supplies eBook 128 167 References 168 201 Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable 210 Wages payable 307 Common stock 318 Retained earnings 319 Dividends 403 612 623 Wages expense 637 640 Rent expense 650 690 Services revenue Depreciation expense-Equipment Insurance expense office supplies expense Utilities expense Totals Debit 67,000 Credit 1,000 2,350 52,000 $5,200 16,000 1,300 17,000 33,000 16,500 128,150 5,200 37,000 600 10,500 4,200 4,300 $ 200,650 $ 200,650 Note: Retained Earnings account balance was $33,000 on December 31 of the prior year. Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of retained earnings for the year. 1c. Prepare a classified balance sheet at December 31. 2. Prepare the December 31 closing entries. Check my work