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Problem
Preparing trial balances, closing entries, and financial statements
The adjusted trial balance of Karise Repairs on December 31. 2017. follows.
KARISE REPAIRS Adjusted Trial Balance
No.
December 31, 2017 Account Title
Debit
Credit
101 124 128
Cash
Office supplies Prepaid insurance
5 70,000 1,800 2,950
167
Equipment
56,000
168
Accumulated depreciation-Equipment
5 5,600
281
Accounts payable
13,500
210
Wages payable
800
301
C. Karise, Capital
31,000
302
C. Karise, Withdrawals
16,000
401
Repair fees earned
164,350
612
Depreciation expense-Equipment
5,600
623
Wages expense
38,000
637
Insurance expense
1,100
640
Rent expense
15,500
650
Office supplies expense
4,400
690
Utilities expense
3,900
Totals
5215,250
Assume there are no owner investments in 2017.
Required:
1a. Prepare an income statement for the year 2017.
1b. Prepare a statement of owner's equity for the year 2017.
1c. Prepare a classified balance sheet at December 31. 2017.
2 Complete the work sheet using the adjusted trial balance In the first two columns of a six-column table. Use columns three and four for closing entry information and the last two columns for a post-closing trial balance.
3. Using information from the work sheet in Requirement 2. prepare the appropriate closing entries.
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