Reference no: EM133105691
Question - The following is a summary of the transactions for the year:
1. Service revenue, $108,000, of which $32,400 was on account and the balance was received in cash.
2. Collected on accounts receivable, $22,900.
3. Issued shares of common stock in exchange for $9,000 in cash.
4. Paid salaries, $39,250 (of which $6,750 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $21,200.
6. Purchased equipment for $11,500 in cash.
7. Paid $2,575 in cash dividends to shareholders.
8. Accrued salaries at year-end amounted to $785.
9. Depreciation for the year on the equipment is $1,800.
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.
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