The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number 101 Account Title Cash 124 Office supplies 128 167 Equipment 168 201 210 301 302 403 612 623 Prepaid insurance Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals Debit $ 76,000 Credit 1,600 2,900 58,000 $ 5,800 13,500 900 32,000 17,500 169,500 5,800 36,000 1,400 15,000 3,600 3,900 $221,700 $ 221,700 A Note: C. Karise, Capital account balance was $32,000 on December 31 of the prior year, and there were no owner investments during the year. 7 Required 1A Required 1B Required 1C Required 2 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 03:27:35 Revenues: ook rint ences Expenses: Total expenses S 0 0 Required 1A Required 1B Required 1C 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 :10 S Prepare a classified balance sheet at December 31. KARISE REPAIRS Balance Sheet December 31 $ 69 0 0 2 0 0 $1 Journal entry worksheet < 1 2 3 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal N 3 Record the entry to close the expense account(s). Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal 1 2 3 4 Record the entry to close the Income summary account. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal 2 4 3 Record the entry to close the withdrawals account. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal