Connect Acct 211 Individual Project (Spring 2014)

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 REPAIRSAdjusted Trial BalanceDecember 31, 2013No.Account TitleDebitCredit101Cash$20,000124Office supplies1,600128Prepaid insurance2,950167Equipment59,000168Accumulated depreciation—Equipment$5,900201Accounts payable14,500210Wages payable900301C. Karise, Capital34,000302C. Karise, Withdrawals18,500401Repair fees earned115,150612Depreciation expense—Equipment5,900623Wages expense42,000637Insurance expense1,200640Rent expense11,500650Office supplies expense3,700690Utilities expense4,100Totals$170,450$170,450Required: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.Problem 4-4A Part 22. 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.Problem 4-4A Part 33. Using the closing entry information you entered in the six-column table above, prepare the appropriate closing journal entries.