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Can you please help with the areas that are in red indicating not correct and the incompleted areas please. The general ledger of the Karlin
Can you please help with the areas that are in red indicating not correct and the incompleted areas please.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: The following is a summary of the transactions for the year: a. Service revenue, $132,000, of which $39,600 was on account and the balance was received in cash. b. Collected on accounts recelvable, $26,500. c. Issued shares of common stock in exchange for $15,500 in cash. d. Paid salaries, $48,250 (of which $9,750 was for salaries payable at the end of the prior year) e. Paid miscellaneous expense for various items, $26,000 1. Purchased equipment for $18,000 in cash. 9. Paid $3,200 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $965. 2. Depreciation for the year on the equipment is $3,000. 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 taccounts. 4. Prepare an unadjusted trial balance. 6. Prepare an adjusted trial balance. 7-o. Prepare an income statement for 2021. 7-b. Prepare a balance sheet as of December 31, 2021. 9. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transaction in the column next to the amount.) (x) Answer is not complete. Complete this quastion by entering your answers in the tabs below. Prepare an income statement for 2021. Complete this question by entering your answers in the tabs below. Prepare a balance sheet as of December 31,2021 . (Amounts to be deducted should be indicated by a minus sign.) Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance Step by Step Solution
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