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
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
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Graw
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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
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MacRook
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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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