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INDIVIDUAL LEARNING PROJECT INSTRUCTIONS Part 1: The adjusted trial balance of Karise Repairs on December 31, 2015, follows. Assume there are no owner investments. KARISE REPAIRS Adjusted Trial Balance December 31. 2015 No. Account Title Debit Credit 101 Cash $ 18,000 124 Office supplies 1,800 128 Prepaid insurance 2,500 167 Equipment 55,000 168 Accumulated depreciation- $ 5,500 Equipment 201 Accounts payable 13,000 210 Wages payable 1,200 301 C. Karise, Capital 33,000 302 Karise, Withdrawals 18,500 401 Repair fees earned 113,800 612 Depreciation expense- 5,500 Equipment 623 Wages xpense 44,000 637 Insurance expense 1,000 640 Rent expense 14,000 650 Office supplies expense 3,100 690 Utilities expense 3,100 Totals $ 166,500 $ 166,500 In an Excel spreadsheet, on one tab: 1. Prepare an Income Statement, using formulas for totals 2. Prepare Statement of Owners' Equity using formulas for totals and figures that are linked to other financial statement information 3. Prepare Classified Balance Sheet using formulas for totals and figures that are linked to other financial statement information. 4. The adjusted trial balance of Karise Repairs on December 31, 2015, follows. Part 2: The adjusted trial balance of Karise Repairs on December 31, 2015, follows (NOTE: these figures are different than what was provided in Part 1): KARISE REPAIRS Adjusted Trial Balance December 31. 2013 No. Account Title Debit Credit 101 Cash $ 20,000 124 Office supplies 2,000 128 Prepaid insurance 2,600 167 Equipment 59,000 168 Accumulated depreciation- $ 5,900 Equipment 201 Accounts payable 15,500 210 Wages payable 1,100 301 C. Karise, Capital 38,000 302 Karise, Withdrawals 17,000 401 Repair fees earned 103,900 612 Depreciation expense- 5,900 "Equipment 623 Wages spense 38,000 637 Insurance expense 1,300 640 Rent expense 12,000 650 Office supplies expense 3,700 690 Utilities expense 2,900 Totals $ 164,400 $ 164,400 On separate tab in Excel, transfer the adjusted trial balance into a new tab within your Excel document. 1. Enter the adjusted trial balance in the first two columns of a six -column table using formulas for the totals column. 2. Use additional columns to enter closing entry information, using formulas to calculate the totals column 3. Use additional columns to show post-closing trial balance, using formulas to calculate the totals column. Part 3: The adjusted trial balance of Karise Repairs on December 31, 2015. follows (NOTE: The amounts are different from the other parts of this project). KARISE REPAIRS Adjusted Trial Balance December 2015 No. Account Title Debit Credit 101 Cash $ 19,000 124 Office supplies 1,300 128 Prepaid insurance 2,300 167 Equipment 59,000 168 Accumulated depreciation- $ 5.900 Equipment 201 Accounts payable 15,500 210 Wages payable 1,100 301 C. Karise, Capital 33,000 302 C Karise, Withdrawal: 20,000 401 Repair fees earned 115,600 612 Depreciation expense- 5,900 "Equipment 623 Wages expense 40,000 637 Insurance expense 800 640 Rent expense 15,000 650 Office supplies expense 4,400 690 Utilities expense 3,400 Totals $ 171,100 $ 171,100 1. On separate tab in Excel, prepare the appropriate closing journal entries. Debits should be listed first, and credits should be indented. Descriptions are not required

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