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Problem - The adjusted trial balance of Karise Repairs on December 31, 2017, follows.
KARISE REPAIRS Adjusted Trial Balance December 31, 2017
No.
Account Title
Debit
Credit
101
Cash
$102,000
124
Office supplies
1,500
128
Prepaid insurance
2,750
167
Equipment
56,000
168
Accumulated depreciation-Equipment
$5,600
201
Accounts payable
14,500
210
Wages payable
1,200
301
C. Karise, Capital
39,000
302
C. Karise, Withdrawals
19,500
401
Repair fees earned
184,450
612
Depreciation expense-Equipment
5,600
623
Wages expense
37,000
637
Insurance expense
1,100
640
Rent expense
11,500
650
Office supplies expense
4,400
690
Utilities expense
3,400
Totals
$244,750
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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