Acct301 Essentials of Accounting: P4-4A The adjusted trial balance of Karise Repairs

Acct301 Essentials of Accounting 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.
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