PART 1: The Accounting Cycle for a 3er PROBLEM 5-5A Williams Mechanic Services prepared the following work sheet for the year ended March 31, 20 LO 2,3,5 Williams Mechanic Services Work Sheet For Year Ended March 31, 20- ADJUSTMENTS ADJUSTED TRIAL BALANCE TRIAL BALANCE CREDIT DEBIT CREDIT DEBIT CREDIT ACCOUNT NAME Cash Accounts Receivable DEBIT 6,500.00 1,250.00 6,500.00 1,250.00 Supplies 10 Prepaid Insurance Equipment 2,175.00 3,500.00 (e) 200.00 175.00 2,000.00 3,500.00 (o) 300.00 18,300.001,275.00 3,00000 16,940.00 12 Accumulated Depreciation, Equipment (b) 75.00 Truck 18.300.001,200.00 4,000.00 800.00 16,940.00 4,300.00 800.00 Accounts Payable 16 J Wlliams, Capital 17 J Williams. Drawing Fees Earmed 15,000.00 15,000.00 1,200.00 600.00 250.00 600.00 19 Salary Expense (d) 125.00 1,325.00 600.00 250.00 600.00 150.00 20 Advertising Expense 21 Truck Operating Expense 22 Ublities Expenso 23 Miscellaneous Expense 150.00 37940.00 00 37940 00 Insurance Expense (a) 175.00 (b) 75.00 (c) 300.00 175.00 75.00 300.00 26 Depreciation Expense, Equipment 27 Depreciation Expense, Truck 28 Salaries Payable 29 Supplies Expense (d) 125.00 125.00 275-552080030 44000 (e) 200.00 38,440.00 ' , '' Sheet1 Sheet2 Sheet3 Required I. Complete the work sheet.(Skip this step if using CLGL.) 2. Prepare an income statement. 3. Prepare a statement of owner's equity. Assume that there was an additional CLGL investment of $5,000 on March 13. Check Figure trial balance total. $31,765 4. Prepare a balance sheet. 5. Journalize the closing entries using the four steps in the correct sequence. Prepare a post-closing trial balance. If you are using CLGL, use the year 2020 when recording transactions and preparing reports. 6