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The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Debit Credit 101 Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Services revenue $ 14,000 1,300 2,050 50,000 124 128 167 168 201 210 307 $ 5,000 14,000 600 10,000 23,000 318 319 16,000 403 612 623 637 640 650 90,950 Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $ 143,550 es 690 Totals Note: Retained Earnings account balance was $23,000 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.

The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Debit Credit 101 Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Services revenue $ 14,000 1,300 2,050 50,000 124 128 167 168 201 210 307 $ 5,000 14,000 600 10,000 23,000 318 319 16,000 403 612 623 637 640 650 90,950 Depreciation expense-Equipment Wages expense Insurance expense Rent expense Office supplies expense Utilities expense 5,000 37,500 800 10,600 3,600 2,700 $ 143,550 $ 143,550 es 690 Totals Note: Retained Earnings account balance was $23,000 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Services revenue Debit Credit 101 $ 14,000 1,300 2,050 50,000 124 128 167 168 201 $ 5,000 14,000 210 600 307 10,000 23,000 318 319 16,000 403 612 623 637 640 650 690 90,950 Depreciation expense-Equipment Wages expense Insurance expense 5,000 37,500 800 10,600 3,600 2,700 ences Rent expense Office supplies expense Utilities expense Totals $ 143,550 $ 143,550 Note: Retained Earnings account balance was $23,000 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. Complete this question by entering your answers in the tabs below. Reguired 1C Required 2 Reguired 1A Required 1R < Prev 8 of 8 Next> Mc Graw Hill DII F7 & $ 6 8. 2 3 4 Y Q W R K D V M C LL
Transcribed Image Text:The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Services revenue Debit Credit 101 $ 14,000 1,300 2,050 50,000 124 128 167 168 201 $ 5,000 14,000 210 600 307 10,000 23,000 318 319 16,000 403 612 623 637 640 650 690 90,950 Depreciation expense-Equipment Wages expense Insurance expense 5,000 37,500 800 10,600 3,600 2,700 ences Rent expense Office supplies expense Utilities expense Totals $ 143,550 $ 143,550 Note: Retained Earnings account balance was $23,000 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. Complete this question by entering your answers in the tabs below. Reguired 1C Required 2 Reguired 1A Required 1R < Prev 8 of 8 Next> Mc Graw Hill DII F7 & $ 6 8. 2 3 4 Y Q W R K D V M C LL
690 Utilities expense 2,700 $ 143,550 $ 143,550 Totals Note: Retained Earnings account balance was $23,000 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. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 es Prepare the December 31 closing entries. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 December 31 Cash < Required 1c Required 2 < Prev 8 of 8 Next Mc Graw Hill MacRook 888 F7 F4 F1 % & @ %23 6. 8. 2 3 4 T Y Q W K F G D C V
Transcribed Image Text:690 Utilities expense 2,700 $ 143,550 $ 143,550 Totals Note: Retained Earnings account balance was $23,000 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. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 es Prepare the December 31 closing entries. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 December 31 Cash < Required 1c Required 2 < Prev 8 of 8 Next Mc Graw Hill MacRook 888 F7 F4 F1 % & @ %23 6. 8. 2 3 4 T Y Q W K F G D C V
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