ACCT 211 Individual project 2

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.

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.

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.

Acct 211 Individual Project 2_Solution

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