The adjusted trial balance of Karise Repairs on December 31 follows.
| KARISE REPAIRS Adjusted Trial Balance December 31 |
| No. | Account Title | Debit | | Credit |
| 101 | Cash | $ | 117,000 | | | | | |
| 124 | Office supplies | | 1,600 | | | | | |
| 128 | Prepaid insurance | | 2,900 | | | | | |
| 167 | Equipment | | 50,000 | | | | | |
| 168 | Accumulated depreciationEquipment | | | | | $ | 5,000 | |
| 201 | Accounts payable | | | | | | 14,500 | |
| 210 | Wages payable | | | | | | 1,100 | |
| 301 | C. Karise, Capital | | | | | | 30,000 | |
| 302 | C. Karise, Withdrawals | | 18,000 | | | | | |
| 401 | Repair fees earned | | | | | | 207,800 | |
| 612 | Depreciation expenseEquipment | | 5,000 | | | | | |
| 623 | Wages expense | | 40,000 | | | | | |
| 637 | Insurance expense | | 1,300 | | | | | |
| 640 | Rent expense | | 16,000 | | | | | |
| 650 | Office supplies expense | | 3,900 | | | | | |
| 690 | Utilities expense | | 2,700 | | | | | |
| | Totals | $ | 258,400 | | | $ | 258,400 | |
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Required: 1a. Prepare an income statement for the year. 1b. Prepare a statement of owner's equity for the year. 1c. Prepare a classified balance sheet at December 31. 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.
Following is information from Jesper Company for its first month of business.
| Credit Purchases | | Cash Paid |
| Jan. 9 | Bailey Company | $ | 16,400 | | Jan.19 | Bailey Company | $ | 11,300 |
| 18 | Johnson Brothers | | 7,800 | | 27 | Johnson Brothers | | 7,800 |
| 22 | Preston Company | | 8,600 | | 31 | Preston Company | | 6,600 |
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1. Post the above transactions in the accounts payable subsidiary ledger. 2. Post the accounts payable balance in the general ledger at month's end.
The adjusted trial balance of Karise Repairs on December 31 follows. Credit Debit $117,000 1,600 2,900 50,000 $ KARISE REPAIRS Adjusted Trial Balance December 31 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals 5,000 14,500 1,100 30,000 18,000 207,800 5,000 40,000 1,300 16,000 3,900 2,700 $258,400 $258,400 Note: C. Karlse, Capital was $30,000 on December 31 of the prior year. Required: 1a. Prepare an Income statement for the year. 1b. Prepare a statement of owner's equity for the year. 1c. Prepare a classified balance sheet at December 31. 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 1A Required 1B Required 10 Required 2 Required 3 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues Expenses: Total expenses Required 1A Required 1B > Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 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, Dec. 31 prior year end C. Karise, Capital, Dec. 31 current year end Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 2 Required 3 Prepare a classified balance sheet at December 31. KARISE REPAIRS Balance Sheet December 31 Required 1A Required 1B Required 10 Required 2 Required 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 e information and the last two columns for a post-closing trial balance. Post-Closing Trial Balance Dr. Cr. $ KARISE REPAIRS Partial Work Sheet For Year Ended December 31 Adjusted Closing Trial Balance Entry Information Dr. Cr. Dr. Cr. 117,000 1.600 2.900 50,000 $ 5.000 14.500 1.1001 30.000 18.000 207,8001 5.000 40,000 1.300 18,000 3.900 2.700 No. Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise. Capital 302 C. Karise. Withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense 901 Income summary 1 Total $ 258.400 $ 258.400 Required 1C Required 3 > Following is Information from Jesper Company for its first month of business. Credit Purchases Jan. 9 Bailey Company 18 Johnson Brothers 22 Preston Company $16,400 7,800 8.600 Cash Paid Jan.19 Bailey Company 27 Johnson Brothers 31 Preston Company $11.300 7.800 6,600 1. Post the above transactions in the accounts payable subsidiary ledger 2. Post the accounts payable balance in the general ledger at month's end. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions in the accounts payable subsidiary ledger ACCOUNTS PAYABLE LEDGER Bailey Company Debit Credit Date Balance Johnson Brothers Debit Credit Date Balance Preston Company Debit Credit Balance Required 1 Required 2 Post the accounts payable balance in the general ledger at month's end. GENERAL LEDGER Accounts Payable Debit Date Credit Balance
