Posted: February 8th, 2019
ACCT211 2014 Spring D- LearnSmart 31 Assignment individual project
Problem 4-4A Preparing trial balances, closing entries, and financial
statements LO C3, P2, P3[The following information applies to the questions displayed below.]
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
$
20,000
124
Office supplies
1,600
128
Prepaid insurance
2,950
167
Equipment
59,000
168
Accumulated depreciationâEquipment
$
5,900
201
Accounts payable
14,500
210
Wages payable
900
301
C. Karise, Capital
34,000
302
C. Karise, Withdrawals
18,500
401
Repair fees earned
115,150
612
Depreciation expenseâEquipment
5,900
623
Wages expense
42,000
637
Insurance expense
1,200
640
Rent expense
11,500
650
Office supplies expense
3,700
690
Utilities expense
4,100
Totals
$
170,450
$
170,450
Problem 4-4A Part 1
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.
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.
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.