Individual Learning Project
Instructions
The
Individual LearningProject consists of 3 parts. All answers must be submitted
in an Excel document, as indicated in the instructions to
each part. Each tab must be labeled as the corresponding part. For example, tab
one must be labeled Part 1.

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
depreciationEquipment

$

5,500

201

Accounts payable

13,000

210

Wages payable

1,200

301

C. Karise, Capital

33,000

302

C. Karise, Withdrawals

18,500

401

Repair fees earned

113,800

612

Depreciation
expenseEquipment

5,500

623

Wages expense

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
a Statement of Owners Equity, using formulas for totals and figures that are
linked to other financial statement information
3.
Prepare
a 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
depreciationEquipment

$

5,900

201

Accounts payable

15,500

210

Wages payable

1,100

301

C. Karise, Capital

38,000

302

C. Karise, Withdrawals

17,000

401

Repair fees earned

103,900

612

Depreciation
expenseEquipment

5,900

623

Wages expense

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
a separate tab in Excel, transfer the adjusted trial balance into a new tab
within your Excel document.

1.
Enterthe
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 a 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 31, 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
depreciationEquipment

$

5,900

201

Accounts payable

15,500

210

Wages payable

1,100

301

C. Karise, Capital

33,000

302

C. Karise, Withdrawals

20,000

401

Repair fees earned

115,600

612

Depreciation
expenseEquipment

5,900

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
a separate tab in Excel, prepare the appropriate closing journal entries.
Debits should be listed first, and credits should be indented. Descriptions are
not required.

Submit your Individual Learning Project by 11:59
p.m. (ET) on Monday of Module/Week 7.Individual Learning Project
InstructionsThe
Individual LearningProject consists of 3 parts. All answers must be submitted
in an Excel document, as indicated in the instructions to
each part. Each tab must be labeled as the corresponding part. For example, tab
one must be labeled Part 1.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
TitleDebitCredit 101 Cash $18,000 124 Office supplies 1,800 128 Prepaid insurance 2,500 167 Equipment 55,000 168 Accumulated
depreciationEquipment $5,500 201 Accounts payable 13,000 210 Wages payable 1,200 301 C. Karise, Capital 33,000 302 C. Karise, Withdrawals 18,500 401 Repair fees earned 113,800 612 Depreciation
expenseEquipment 5,500 623 Wages expense 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 totals2.
Prepare
a Statement of Owners Equity, using formulas for totals and figures that are
linked to other financial statement information3.
Prepare
a 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
TitleDebitCredit 101 Cash $20,000 124 Office supplies 2,000 128 Prepaid insurance 2,600 167 Equipment 59,000 168 Accumulated
depreciationEquipment $5,900 201 Accounts payable 15,500 210 Wages payable 1,100 301 C. Karise, Capital 38,000 302 C. Karise, Withdrawals 17,000 401 Repair fees earned 103,900 612 Depreciation
expenseEquipment 5,900 623 Wages expense 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
a separate tab in Excel, transfer the adjusted trial balance into a new tab
within your Excel document. 1.
Enterthe
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 column3.
Use
additional columns to show a 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 31, 2015 No.Account
TitleDebitCredit 101 Cash $19,000 124 Office supplies 1,300 128 Prepaid insurance 2,300 167 Equipment 59,000 168 Accumulated
depreciationEquipment $5,900 201 Accounts payable 15,500 210 Wages payable 1,100 301 C. Karise, Capital 33,000 302 C. Karise, Withdrawals 20,000 401 Repair fees earned 115,600 612 Depreciation
expenseEquipment 5,900 623 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
a separate tab in Excel, prepare the appropriate closing journal entries.
Debits should be listed first, and credits should be indented. Descriptions are
not required.Submit your Individual Learning Project by 11:59
p.m. (ET) on Monday of Module/Week 7.