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 128 167 Equipment 168 201 210 301 302 403 612 es 623 637 Prepaid insurance Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense 640 Rent expense 650 690 office supplies expense Utilities expense Totals Debit $ 61,000 Credit 1,100 2,950 56,000 $ 5,600 12,500 1,200 33,000 20,000 155,550 5,600 40,000 700 13,500 3,800 3,200 $ 207,850 $ 207,850 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. 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. 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 101 Cash 124 Office supplies 128 167 Equipment 168 201 210 301 302 403 612 es 623 637 Prepaid insurance Accumulated depreciation-Equipment Accounts payable Wages payable C. Karise, Capital C. Karise, Withdrawals Services revenue Depreciation expense-Equipment Wages expense Insurance expense 640 Rent expense 650 690 office supplies expense Utilities expense Totals Debit $ 61,000 Credit 1,100 2,950 56,000 $ 5,600 12,500 1,200 33,000 20,000 155,550 5,600 40,000 700 13,500 3,800 3,200 $ 207,850 $ 207,850 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. 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. Prepare the December 31 closing entries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text: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
167
Equipment
168
201
210
301
302
403
612
es
623
637
Prepaid insurance
Accumulated depreciation-Equipment
Accounts payable
Wages payable
C. Karise, Capital
C. Karise, Withdrawals
Services revenue
Depreciation expense-Equipment
Wages expense
Insurance expense
640
Rent expense
650
690
office supplies expense
Utilities expense
Totals
Debit
$ 61,000
Credit
1,100
2,950
56,000
$ 5,600
12,500
1,200
33,000
20,000
155,550
5,600
40,000
700
13,500
3,800
3,200
$ 207,850
$ 207,850
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.
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. Prepare the December 31 closing entries.
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