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Can you please help me, I am missing some information. If you help me, I will give you a thumbs up! The following is a
Can you please help me, I am missing some information. If you help me, I will give you a thumbs up!
The following is a summary of the transactions for the year: o. Service revenue, $122,000, of which $36,600 was on account and the balance was received in cash b. Collected on accounts receivable, $25,000. c. Issued shares of common stock in exchange for $13,000 in cash. d. Paid salaries, $44,500 (of which $8,500 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $24,000. f. Purchased equipment for $15,500 in cash. g. Paid $2,950 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $890. 2. Depreclation for the year on the equipment is $2,500. 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 2021. 7-b. Prepare a balance sheet as of December 31, 2021. 9. Prepare a post-closing trial balance. Prepare a post-closing trial balance Step by Step Solution
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