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Prepare the summary, adjusting and closing entries

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Reference no: EM131813607

The general ledger of the Karlin Company, a consulting company, at January 1, 2016, contained the following account balances:

  Account Title Debits Credits
  Cash 28,400     
  Accounts receivable 18,500     
  Equipment 32,000     
  Accumulated depreciation   9,600  
  Salaries payable   10,250  
  Common stock   49,500  
  Retained earnings   9,550  
 
       Total 78,900   78,900  

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

a. Sales of services, $136,000, of which $40,800 was on credit.
b. Collected on accounts receivable, $27,100.
c. Issued shares of common stock in exchange for $16,500 in cash.
d. Paid salaries, $49,750 (of which $10,250 was for salaries payable).
e. Paid miscellaneous expenses, $26,800.
f. Purchased equipment for $19,000 in cash.
g. Paid $3,300 in cash dividends to shareholders.

 

1. Accrued salaries at year-end amounted to $995.
2. Depreciation for the year on the equipment is $3,200.

Required:

Prepare the summary, adjusting and closing entries for each of the transactions listed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM131813607

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