The adjusted trial balance of Karise Repairs on December 31, 2015, follows. KARISE REPAIRS Adjusted Trial Balance
Fantastic news! We've Found the answer you've been seeking!
Question:
The adjusted trial balance of Karise Repairs on December 31, 2015, follows.
KARISE REPAIRS Adjusted Trial Balance December 31, 2015 | |||||||||
No. | Account Title | Debit | Credit | ||||||
101 | Cash | $ | 14,000 | ||||||
124 | Office supplies | 1,300 | |||||||
128 | Prepaid insurance | 2,050 | |||||||
167 | Equipment | 50,000 | |||||||
168 | Accumulated depreciation—Equipment | $ | 5,000 | ||||||
201 | Accounts payable | 14,000 | |||||||
210 | Wages payable | 600 | |||||||
301 | C. Karise, Capital | 33,000 | |||||||
302 | C. Karise, Withdrawals | 16,000 | |||||||
401 | Repair fees earned | 90,950 | |||||||
612 | Depreciation expense—Equipment | 5,000 | |||||||
623 | Wages expense | 37,500 | |||||||
637 | Insurance expense | 800 | |||||||
640 | Rent expense | 10,600 | |||||||
650 | Office supplies expense | 3,600 | |||||||
690 | Utilities expense | 2,700 | |||||||
Totals | $ | 143,550 | $ | 143,550 | |||||
Assume there are no owner investments in 2015.
Required:
1a. Prepare an income statement for the year 2015.
1b. Prepare a statement of owner's equity for the year 2015.
1c. Prepare a classified balance sheet at December 31, 2015.
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.
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date: