1

2

3

(same format as above)

Issued shares of common stock in exchange for 11,500 in cash.

4

Paid salaries and wages, 42,250 (of which 7,750 was for salaries payable)

5

Paid miscellaneous expenses, 22,800

6

Purchased equipment for 13,500 in cash

7

Paid 2,800 in cash dividends to shareholders

8

Record the adjusting journal entry for accrued salaries and wages at year end that amounted to $845

9

record the adjusting journal entry for annual depreciation of 2,200

10

record the entry to close the revenue accounts using the income summary

11

record the entry to close the expense accounts using the income summary

12

record the entry to close the income summary account

The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 31,400 13,500 22,000 6,600 7,750 44,500 8,050 66,900 66, 900 The following is a summary of the transactions for the year: a. Sales of services, $116,000, of which $34,800 was on credit b. Collected on accounts receivable. $24,100 c. Issued shares of common stock in exchange for $11,500 in cash. d. Paid salaries, $42.250 (of which $7.750 was for salaries payable). e. Paid miscellaneous expenses, $22,800. f. Purchased equipment for $13,500 in cash. g. Paid $2.800 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $845. 2. Depreciation for the year on the equipment is $2,200. Required: 2., 5, & 8. Prepare the summary, adjusting and closing entries for each of the transactions listed. 3. Post the transactions, adjusting and closing entries into the appropriate t-accounts. 4. Prepare an unadjusted trial balance. 6. Prepare an adjusted trial balance. 7-a. Prepare an income statement for 2018. 7-b. Prepare a balance sheet as of December 31, 2018 9. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Req 25 and 8 Reg 3 Req 4 Reg 6 Req 7A Req 78 Reg 9 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 12 Sales of services, $116,000, of which $34,800 was on credit. Note: Enter debits before credits Journal entry worksheet Sales of services, $116,000, of which $34,800 was on credit. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 4 5 6 7 8 ..... 12 Collected on accounts receivable, $24,100. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal