Please answer the question The adjusted trial balance of Karise Repairs on December 31 follows.KARISE REPAIRSAdjusted Trial BalanceDecember 31NumberAccount TitleCashOffice suppliesPrepaid insuranceEquipmentAccumulated depreciation-EquipmentAccounts payableWages payableCommon stockRetained earningsDividendsServices revenueDepreciation expense-EquipmentWages expenseInsurance expenseRent expenseOffice supplies expenseUtilities expenseDebitCredit101124128167168201210307318$ 14,0001,3002,05050,000ped$ 5,00014,00060010,00023,000Вook31940361262363764016,000Print90,9505,00037,50080010,6003,6002,700$ 143,550 $ 143,550References650690TotalsNote: 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,Renuired 1ARequired 1BReguired 10Requiredd 2McGrawHill< Prev8 of 8NextF4DIIDEF8@#32$4578.WR 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 1ARequired 1BRequired 1CRequired 2pokPrepare a statement of retained earnings for the year.PrintKARISE REPAIRSStatement of Retained EarningsFor Year Ended December 31eferencesRetained earnings, December 31 prior yearRetained earnings, December 31 current yearRequired 1ARequired 1CMcGrawHillく Prev8 of 8Next888DIIF1F4F5F7FB@232$23478.QWEYAGH* 00つ< CO

The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number 101 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Debit Credit $ 14,000 1,300 2,050 50,000 124 128 167 168 201 210 307 318 $ 5,000 14,000 600 10,000 23,000 319

The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial Balance December 31 Number 101 Account Title Cash Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Common stock Retained earnings Dividends Debit Credit $ 14,000 1,300 2,050 50,000 124 128 167 168 201 210 307 318 $ 5,000 14,000 600 10,000 23,000 319

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 36RSCQ

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The revenue recognition principle dictates that revenue be recognized in the accounting period Select one: a. after it is earned. b. before it is earned. wh the performance obligation is satisfied. C. d. in which it is collected Previous page Next pa hp
Prepare adjusting journal entries, as needed, considering the account balances excerpted fromthe unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500B. unexpired prepaid rent, $12,500C. remaining balance of unearned revenue, $555
Consider the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit Fixed Assets $123,000 Accumulated Depreciation $24,400 Prepaid Rent 18,300 Unearned Revenue 3,600 A. Depreciation on fixed assets, $8,700 B. Unexpired prepaid rent, $12,800 C. Remaining balance of unearned revenue, $560 Prepare adjusting journal entries, as needed. If an amount box does not require an entry, leave it blank. А. С. Accumulated Depreciation Depreciation Expense Insurance Expense Revenue Unearned Revenue B.
For journal entries 1through 12, indicate the explanation that most closely describes it. You can use explanations more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue. G. To record this period's use of a prepaid expense. H. To record payment of a prepaid expense. 1. To record this period's depreciation expense.
Included AssetExcluded temporary expense accountIncluded permanet account - Liability
Proper adjusting entry based on prepaid insurance account balance before adjustment $18650 and unexpired amounts per analysis of policies of $5990
Consider the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit Fixed Assets $124,000 Accumulated Depreciation $24,100 Prepaid Rent 18,300 Unearned Revenue 4,000 A. Depreciation on fixed assets, $9,000 B. Unexpired prepaid rent, $12,700 C. Remaining balance of unearned revenue, $560 Prepare adjusting journal entries, as needed. If an amount box does not require an entry, leave it blank. A. B.. C.
provide the answer for question 6 and 7
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. depreciation on fixed assets, $8,500 unexpired prepaid rent, $12,500 remaining balance of unearned revenue, $555
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