Prepare an unadjusted trial balance

Assignment Help Financial Accounting
Reference no: EM132865134

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 29,000

Accounts receivable 17,500

Equipment 30,000

Accumulated depreciation 9,000

Salaries payable 9,750

Common stock 48,500

Retained earnings 9,250

Total 76,500 76,500

The following is a summary of the transactions for the year:

-Service revenue, $132,000, of which $39,600 was on account and the balance was received in cash.

-Collected on accounts receivable, $26,500.

-Issued shares of common stock in exchange for $15,500 in cash.

-Paid salaries, $48,250 (of which $9,750 was for salaries payable at the end of the prior year).

-Paid miscellaneous expense for various items, $26,000.

-Purchased equipment for $18,000 in cash.

-Paid $3,200 in cash dividends to shareholders.

-Accrued salaries at year-end amounted to $965.

-Depreciation for the year on the equipment is $3,000.

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 an unadjusted trial balance.

4. Prepare an adjusted trial balance.

5-a. Prepare an income statement for 2021.

5-b. Prepare a balance sheet as of December 31, 2021.

6. Prepare a post-closing trial balance.

Reference no: EM132865134

Questions Cloud

Determine the cost of the merchandise lost in the fire : On August 31, 2018, a fire destroyed totally the rented "bodega" or stockroom of the Company. Determine the cost of the merchandise lost in the fire
Explain three factors of internet influence : •Identify and explain three factors of Internet influence that can enable Tesco to trade internationally.
Design and report an organizational structure : How to design and report an organizational structure if you're just a startup company with 5 owners? any examples?
Explain sample average of the distance travel : The United States Golf Association (USGA) tests all new brands of golf balls to assure that they meet USGA speci?cations. One of the tests is intended
Prepare an unadjusted trial balance : Service revenue, $132,000, of which $39,600 was on account and the balance was received in cash. Prepare an unadjusted trial balance
Understand the nuances of clinical care : Can you explain to me with examples that why a nursing home administrator needs to understand the nuances of clinical care
Discuss ally core values : Discuss Ally's core values (LEAD) and why culture at a company is important to you?
How would international trade affect industries : How would international trade affect industries in the different market structures
Draw a balanced scorecard for facebook : Draw a balanced scorecard for Facebook

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd