Reference no: EM13488847
Question :
Caleb Company's fiscal year runs from January through December. Its January 1, 2013's trial balances are below:
Summary of transactions that occurred during the year are below:
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Account Title
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Debits
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Credits
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Cash
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$30,000
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Accounts Receivable
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15,000
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Equipment
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20,000
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Accumulated Depreciation
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$ 6,000
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Salaries Payable
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9,000
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Common Stock
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40,500
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Retained Earnings
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9,500
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Total
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$ 65,000
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$ 65,000
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Summary of transactions that occurred during the year are below:
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a. Sales of services
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$100,000
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Out of the sales, credit sales was
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30,000
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b. Accounts Receivable collected
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27,300
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c. Shares issued for cash
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10,000
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d. Salaries paid
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50,000
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Out of the salaries paid, Salaries Payable amount was
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9,000
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e. Miscellaneous Expense paid
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24,000
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f. Equipment Purchased
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15,000
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g. Cash Dividends paid
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2,500
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Other pertinent information:
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Year-end accrued salaries
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$ 1,000
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Equipment Depreciation
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2,000
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Required:
Using the template provided by the instructor,
Set up the necessary T- accounts and enter the beginning balances from the trial balance provided.
Prepare a journal entry for each of the summary of transactions listed above.
Post the journal entries to the T-accounts.
Prepare an unadjusted trial balance.
Prepare and post adjusting journal entries. Enter the adjusting entries in the T-accounts as applicable. The two adjusting entries are the year-end accrued salaries and equipment depreciation provided in the question.
Prepare an adjusted trial balance.
Prepare an income statement for year ended 2013 and a balance sheet as of December 31, 2013.
Prepare and post closing entries.
Prepare a post- closing trial balance.
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