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Given the following please help me with this by showing work and where the numbers came from. The general ledger of the Karlin Company, a
Given the following please help me with this by showing work and where the numbers came from.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: 15 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Comon stock Retained earnings Total Debits Credits 30,200 15,500 26,000 7,800 8,750 46,500 8,650 71,700 71,700 The following is a summary of the transactions for the year. a. Service revenue, $124,000, of which $37,200 was on account and the balance was received in cash. b. Collected on accounts receivable, $25,300. c. Issued shares of common stock in exchange for $13,500 in cash. d. Paid salaries, $45,250 (of which $8,750 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items $24.400. f. Purchased equipment for $16,000 in cash. g. Paid $3,000 in cash dividends to shareholders 1. Accrued salaries at year-end amounted to $905. 2 Depreciation for the year on the equipment is $2,600. 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. KARLIN COMPANY Unadjusted Trial Balance Account Title Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Miscellaneous expenses Totals $ $ 0 $ 0 KARLIN COMPANY Adjusted Trial Balance Account Title Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals $ 0 $ 0 KARLIN COMPANY Balance Sheet December 31, 2021 Assets 0 0 Liabilities and Shareholders' Equity 0 0 0 $ 0 KARLIN COMPANY Balance Sheet December 31, 2021 Assets 0 Liabilities and Shareholders' Equity 0 0 $ 0
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