The adjusted trial balance of Karise Repairs on December 31 follows.KARISE REPAIRSAdjusted Trial Balance.December 31Number Account Title101124128167CashOffice suppliesPrepaid insuranceEquipment168 Accumulated depreciation-Equipment201210301302403612623637640650690Accounts payableWages payableC. Karise, CapitalC. Karise, WithdrawalsServices revenueDepreciation expense-EquipmentWages expenseInsurance expenseRent expenseOffice supplies expenseUtilities expenseTotalsRequired: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. Prepare the December 31 closing entries.Debit$ 14,0001,3002,05050,000< Prev16,0005,00037,500800Note: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments duringthe year.Complete this question by entering your answers in the tabs below.Credit10,6003,6002,700$ 143,550 $ 143,550$5,00014,00060033,00090,9502 of 2Next >Ch Prepare a classified balance sheet at December 31.KARISE REPAIRSBalance SheetDecember 31<Required 1B$00Required 2

The income statement and balance sheet are the important financial statements of the business. The…

The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance. December 31 Number Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 210 301 302 403 Services revenue 612 Depreciation expense-Equipment 623 637 640 650 690 Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals Debit $ 14,000 1,300 2,050 50,000 16,000 5,000 37,500 800 Credit $ 5,000 14,000 600 33,000 90,950 10,600 3,600 2,700 $ 143,550 $ 143,550 Note: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments during the year.

The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance. December 31 Number Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 210 301 302 403 Services revenue 612 Depreciation expense-Equipment 623 637 640 650 690 Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Wages expense Insurance expense Rent expense Office supplies expense Utilities expense Totals Debit $ 14,000 1,300 2,050 50,000 16,000 5,000 37,500 800 Credit $ 5,000 14,000 600 33,000 90,950 10,600 3,600 2,700 $ 143,550 $ 143,550 Note: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments during the year.

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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