Problem 5-5A Learning Objectives 1, 2, 3 Objective: To complete a work sheet and the work of the accounting cycle Check Figure Balance sheet total- $188,900 Account balances of Kholer Enterprises appear as follows on December 31, 20X0 Number Account Title 37.350 112 113 114 115 116 Accounts Receivable Office Supplies Store Supplies Delivery Supplies Prepaid Insurance Office Equipment 19,640 16,110 27,500 118 Store Equipment 118.1 119 119.1 75,000 30,000 40,000 20,000 47,500 212 311 312 411 511 512 513 514 Truck Accumulated Depreciation Truck Accounts Payable Salaries Payable Jerry Kholer, Capital Jerry Kholer, Drawing Fees Earned Rent Expense Salaries Expense Office Supplies Expense Store Supplies Expense Delivery Supplies Expense Insurance Expense 85,800 21,200 351,500 12,000 200,000 516 517 518 519 Adjustment data (a) Office supplies on hand, $3,510. (b) Store supplies on hand, $10,140. (c) Delivery supplies on hand, $21,900. (d) Depreciation of office equipment, $9,000. (e) Depreciation of store equipment, $10,000. (? Depreciation of truck, $10,000. (g) Insurance expired, $6,000. (h) Salaries unpaid, $5,000. Directions: 1. Prepare a work sheet for the year ended December 31, 20x0. 2. Prepa 3. Prepare a statement of owner's equity for the year ended December 31. 20X0. 4. Prepare a December 31, 20X0, balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries re an income statement for the year ended December 31, 20XO. 206 PART I I Accounting for the Service Business