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 $ 24,000 2,000 2,150 58,000 124 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 5,800 13,000 1,300 31,000 19,000 125,850 5,800 42,000 900 640 Rent expense 650 office supplies expense 690 Utilities expense 15,000 4,000 4,100 $176,950 $176,950 Totals Note: C.Karise, Capital was $31,000 on December 31 of the prior year Required: Totals Saved $176,950 $176,950 Note: C. Karise, Capital was $31,000 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 3 Required 1A Required 1B Required 1C Required 2 Using information from the work sheet in Requirement 2, prepare the appropriate closing entries. View transaction list Journal entry worksheet 2 3 4 Record the entry to close revenue account(s). Required 1A Required 1B Required 1C Required 2 Required 3 Prepare an income statement for the year. KARISE REPAIRS Income Statement For Year Ended December 31 Revenues: Expenses: 0 Total expenses $ 0 Required 1B> Required 1A 2UPIRO inun iu I Reguirement 2, prepare the appropriate closing en Complete this question by entering your answers in the tabs below. 1 Required 1A Required 1B Required 1C 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 0 $ 0 C. Karise, Capital, Dec. 31 current year end Required 1A Required 1C> 3INIG KARISE REPAIRS Balance Sheet December 31 0 0 6 KARISE REPAIRS Partial Work Sheet For Year Ended December 31 Adjusted Closing Post-Closing Trial Balance Entry Information Trial Balance No. Account Title Dr. Cr. Dr. Cr. Dr Cr. 101 Cash 24,000 124 Office supplies 2,000 128 Prepaid insurance 2.150 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, Withdrawals 58,000 5,800 13,000 1,300 31,000 19,000 125,850 401 Repair fees earned 5,800 612 Depreciation expense-Equipment 42,000 623 Wages expense 900 637 Insurance expense 15,000 640 Rent expense 4,000 650 Office supplies expense 4,100 690 Utilities expense 901 Income summary 0 0 0 $ 176,950 176,950 $ $ Total Next> tie approprlate closing entries. View transaction list Journal entry worksheet
