The adjusted trial balance of Karise Repairs on December 31 follows.KARISE REPAIRSAdjusted Trial BalanceDecember 31NumberAccount Title101Cash124Office supplies128167Equipment168201210301302403612es623637Prepaid insuranceAccumulated depreciation-EquipmentAccounts payableWages payableC. Karise, CapitalC. Karise, WithdrawalsServices revenueDepreciation expense-EquipmentWages expenseInsurance expense640Rent expense650690office supplies expenseUtilities expenseTotalsDebit$ 61,000Credit1,1002,95056,000$ 5,60012,5001,20033,00020,000155,5505,60040,00070013,5003,8003,200$ 207,850$ 207,850Note: C. Karise, Capital account balance was $33,000 on December 31 of the prior year, and there were no owner investments duringthe 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.

Let's break down the key components for clarity: 1a. Income StatementThe income statement accurately…

Answered: The adjusted trial balance of Karise…

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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Use the adjusted trial balance and prepare a properly formatted Statement of Retained Earning Adjusted trial balance 30- APR Debit Credit Cash 68,000 accounts receivable 12,000 Prepaid insurance 850 Prepaid Advertising 13,250 Office Supplies 1,475 Merchandise inventory 27,850 Equipment 250,000 Accumulated Depreciation - Equipment 100,000 Music Copyrights 60,000 Accounts Payable 10,300 Salaries Payable 63,018 notes payable 7,500 long-term notes payable 92,500 common stock 25,000 retained earnings 173,862 dividends 30,000 sales 265,065 sales discount 25,702 Sales returns and allowances 4,370 cost of goods sold 124,209 insurance expense (on office) 3,000 Advertising expense 1,900 office salaries expense 23,000 Office supplies expense 13,319 Office rent 24,000 Depreciation expense - office building 5,000 royalties (an expense) 26,000 travel expenses (sales related)…
On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns. Adjustment Information June 30 Supplies on hand $188.00 Value of prepaid insurance 540.00 WORK SHEET For Month Ended June 30, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 8,715.00 1 2 Petty Cash 75.00 2 3 Accounts Receivable-Raymond O’Neil 642.00 3 4 Supplies 518.00 4 5 Prepaid Insurance 675.00 5 6 Accounts Payable-Western Supply 268.00 6 7 Akbar…
Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T. Lion, Capital 431,000 M.T. Lion, Drawing 300,000 Sales 8,925,000 Cost of Merchandise Sold 5,620,000 Sales Salary Expense 850,000 Advertising Expense 420,000 Depreciation Expense--Store Equipment 33,000 Miscellaneous Selling Expense…
Expense Adjustments Faraday Electronic Service repairs stereos and DVD players. During the year, Faraday engaged in the following activities: a. On September 1, Faraday paid Wausau Insurance $8,520 for its liability insurance for the next 12 months. The full amount of the prepayment was debited to prepa insurance. b. At December 31, Faraday estimates that $1,470 of utility costs are unrecorded and unpaid. c. Faraday rents its testing equipment from JVC. Equipment rent in the amount of $2,830 is unpaid and unrecorded at December 31. d. In late October, Faraday agreed to become the sponsor for the sports segment of the evening news program on a local television station. The station billed Faraday $6,300 for 3 months' sponsorship-November, December, and January-in advance. When these payments were made, Faraday debited prepaid advertising. At December 31, 2 months' advertising has been used and 1 month remains unused. Required: 1. Prepare adjusting entries at December 31 for these four…
WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs’Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.
Complete the work sheet
Accrued Salaries Expense of $4,600. Accrued Salaries Expense of $4,600. Date Accounts Debit Credit Nov. 30Dec. 1Dec. 15Dec. 31 Depreciation in the amount of $200 was recorded on the furniture. Depreciation in the amount of $200 was recorded on the furniture. Date Accounts Debit Credit Nov. 30Dec. 1Dec. 15Dec. 31 Prepaid Insurance for the month expired. Remember, a four month insurance policy of $1,800 was paid for on December 1. Prepaid Insurance for the month expired. Remember, a four month insurance policy of $1,800 was paid for on December 1. Date Accounts Debit Credit Nov. 30Dec. 1Dec. 15Dec. 31 Office Supplies used during the month, $110. Office Supplies used during the month, $110. Date Accounts Debit Credit Nov. 30Dec. 1Dec. 15Dec. 31 Unearned Revenue earned during the month, $600. Unearned Revenue earned during the month,…
I am so confused there is a journal entry worksheet 1-4?
Sandhill Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 101 112 Accounts Receivable 157 Equipment 400 Cash 429 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 301 306 (a) Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Sandhill Company Adjusted Trial Balance July 31, 2022 Account Titles 711 Depreciation Expense 726 Salaries and Wages Expense 732 Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit (To close drawings) $8,500 9,400 16,000 16,200 6,500 56,400 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 14,900 $127,900 Credit $7,400 4,500 2,500 42,600…
the correct adjusting entry for accured and unpaid employee salaries of 8800 on dec 31 is deb sal exp 8800 credit prepaid sal 8800 deb sal ex 8800 credit cash 8800 deb sal pay 8800 credit fee earn 8800 deb sal ex 8800 credit sal pay 8800
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