Reference no: EM132479115
Question - The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:
Account Title Debits Credits
Cash 30,200
Accounts receivable 15,500
Equipment 26,000
Accumulated depreciation 7,800
Salaries payable 8,750
Common stock 46,500
Retained earnings 8,650
Total 71,700 71,700
The following is a summary of the transactions for the year:
1. Service revenue, $124,000, of which $37,200 was on account and the balance was received in cash.
2. Collected on accounts receivable, $25,300.
3. Issued shares of common stock in exchange for $13,500 in cash.
4. Paid salaries, $45,250 (of which $8,750 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $24,400.
6. Purchased equipment for $16,000 in cash.
7. Paid $3,000 in cash dividends to shareholders.
8. Accrued salaries at year-end amounted to $905.
9. Depreciation for the year on the equipment is $2,600.
Required -
1. Prepare the summary, adjusting and closing entries for each of the transactions listed.
2. Post the transactions, adjusting and closing entries into the appropriate t-accounts.
3. Prepare unadjusted trial balance.
4. Prepare adjusted trial balance.
5-a. Prepare income statement for 2021.
5-b. Prepare balance sheet as of December 31, 2021.
6. Prepare post-closing trial balance.
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