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The adjusted trial balance of El Makrezy Repairs on December 31, 2015, follows. EL MAKREZY REPAIRS Adjusted Trial Balance December 31, 2015 No. Account Title Debit Credit 101 Cash $14,000 124 Office supplies 1,300 128 Prepaid insurance 2,050 167 Equipment 50,000 168 Accumulated depreciationEquipment $5,000 201 Accounts payable 14,000 210 Wages payable 600 301 C. El Makrezy, Capital 33,000 302 C. El Makrezy, Withdrawals 16,000 401 Repair fees earned 90,950 612 Depreciation expenseEquipment 5,000 623 Wages expense 37,500 637 Insurance expense 800 640 Rent expense 10,600 650 Office supplies expense 3,600 690 Utilities expense 2,700 Totals $143,550 $143,550 Required 1. Prepare closing entries from the above trial balance. 2. Prepare an income statement and a statement of owners equity for the year ended on 2015. 3. Prepare a Balance Sheet as on December 31st, 2015

The adjusted trial balance of El Makrezy Repairs on December 31, 2015, follows. EL MAKREZY REPAIRS Adjusted Trial Balance December 31, 2015 No. Account Title Debit Credit 101 Cash $ 14,000 1,300 124 Office supplies 128 Prepaid insurance 2,050 167 Equipment 50,000 168 Accumulated depreciation Equipment $ 5,000 201 Accounts payable 14,000 600 33,000 210 Wages payable 301 C. El Makrozy, Capital 302 C. El Makrozy, Withdrawals 401 Repair fees earned 16,000 90,950 612 Depreciation expense-Equipment 5,000 623 Wages expense 37,500 637 Insurance expense 800 640 Rent expense 10.600 650 Office supplies expense 3,600 690 Utilities expense 2,700 Totals $143,550 $143,550 Required 1. Prepare closing entries from the above trial balance. 2. Prepare an income statement and a statement of owner's equity for the year ended on 2015. 3. Prepare a Balance Sheet as on December 31st, 2015

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