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Stark Technology adjusted trial balance on December 31, 2020 appears in the worksheet as follows: No. Account Debit Credit 101 Cash $57,850 124 Supplies $2,150

Stark Technology adjusted trial balance on December 31, 2020 appears in the worksheet as follows:

No.

Account

Debit

Credit

101

Cash

$57,850

124

Supplies

$2,150

128

Prepaid insurance

$3,800

167

Equipment

$145,000

168

Accumulated depreciation, equipment

$24,000

201

Accounts payable

$16,800

210

Wages payable

$6,300

301

Tony Stark, capital

$210,000

302

Tony Stark, withdrawals

$75,000

401

Revenue

$200,000

612

Depreciation expense, equipment

$24,000

623

Wages expense

$93,000

637

Insurance expense

$1,500

640

Rent expense

$41,000

650

Office supplies expense

$5,500

690

Utilities Expense

$8,300

Totals

$457,100

$457,100

Required using the worksheets provided

1. Prepare the closing entries.

2. Prepare the post-closing trial balance at December 31, 2020.

3. Prepare the income statement, statement of changes in equity and a classified balance sheet as at December 31, 2020.

Requirement 1

General Journal

Page 1

Date

Account Titles and Explanation

Debit

Credit

Requirement 2

Post-closing Trial Balance

No.

Account

Debit

Credit

101

Cash

124

Supplies

128

Prepaid insurance

167

Equipment

168

Accumulated depreciation, equipment

201

Accounts payable

210

Wages payable

301

Tony Stark, capital

302

Tony Stark, withdrawals

401

Revenue

612

Depreciation expense, equipment

623

Wages expense

637

Insurance expense

640

Rent expense

650

Office supplies expense

690

Utilities Expense

Totals

Requirement 3

Income Statement

Revenues

Operating Expenses

Total Operating Expenses

Profit/Loss

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