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ACC 300 Connect 2-9 The adjusted trial balance of Karise Repairs on December 31, 2017, follows.

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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

 

 

$

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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