Acct211 Accounting: Individual Project 2 - P4-4A The adjusted trial balance of Karise Repairs

Acct211 Accounting: Individual Project 2 - P4-4A The adjusted trial balance of Karise Repairs

Acct211 Accounting
Individual Project 2

Problem 4-4A Preparing trial balances, closing entries, and financial statements
[The following information applies to the questions displayed below.]
The adjusted trial balance of Karise Repairs on December 31, 2013, follows.
KARISE REPAIRS
Adjusted Trial Balance
December 31, 2013
No. Account Title Debit Credit
101 Cash 16,000
124 Office supplies 1,900
128 Prepaid insurance 2,900
167 Equipment 56,000
168 Accumulated depreciation—Equipment 5,600
201 Accounts payable 16,000
210 Wages payable 900
301 C. Karise, Capital 39,000
302 C. Karise, Withdrawals 18,000
401 Repair fees earned 101,800
612 Depreciation expense—Equipment 5,600
623 Wages expense 38,000
637 Insurance expense 1,400
640 Rent expense 16,000
650 Office supplies expense 3,800
690 Utilities expense 3,700
Totals $163,300 $163,300

Required:
1. Prepare an income statement and a statement of owner's equity for the year 2013, and a balance sheet at December 31, 2013. There are no owner investments in 2013.
2. Prepare closing journal entries.
3. Prepare a post-closing trial balance.
Acct211 Accounting: Individual Project 2 - P4-4A The adjusted trial balance of Karise Repairs
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