ACCT 211 Individual project 2

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Liberty ACCT 211 Individual project 2
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 $ 17,000
124 Office supplies 1,300
128 Prepaid insurance 2,300
167 Equipment 55,000
168 Accumulated depreciation—Equipment $ 5,500
201 Accounts payable 15,500
210 Wages payable 600
301 C. Karise, Capital 33,000
302 C. Karise, Withdrawals 17,000
401 Repair fees earned 104,300
612 Depreciation expense—Equipment 5,500
623 Wages expense 36,000
637 Insurance expense 900
640 Rent expense 16,000
650 Office supplies expense 3,500
690 Utilities expense 4,400
________________________________________ ________________________________________ ________________________________________ ________________________________________
Totals $ 158,900 $ 158,900
________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________
________________________________________

Assume there are no owner investments in 2013.

Required:
1.1 Prepare an income statement for the year 2013.

1.2 Prepare a statement of owner’s equity for the year 2013.

1.3 Prepare a classified balance sheet at December 31, 2013.
2.
value:
33.33 points

Problem 4-4A Part 2
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.
value:
33.34 points

Problem 4-4A Part 3
3. Using the closing entry information you entered in the six-column table above, prepare the appropriate closing journal entries.

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