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Homework Saved Help The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 29,600

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Homework Saved Help The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 29,600 16,500 28,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 8,400 9,250 47,500 8,950 74,100 74,100 The following is a summary of the transactions for the year: a. Service revenue, $128.000, of which $38,400 was on account and the balance was received in cash. b. Collected on accounts receivable, $25,900, c. Issued shares of common stock in exchange for $14,500 in cash, d. Paid salaries, $46,750 (of which $9,250 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $25,200. f. Purchased equipment for $17,000 in cash. g. Paid $3,100 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $935. 2. Depreciation for the year on the equipment is $2,800. 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. Req 2 5 and 8 Reg 3 Reg 4 Req6 Req 7A Req 7B Reg 9 Prepare an adjusted trial balance. 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 UL. NU RUAN Loyaye IVYPIALI - Wall 2020 Fall, Pencil... CJUM TALPA ter 2 - Homework i Saved 10 Req 25 and 8 Req3 Reg 4 Req 6 Req 7A Req 7B Req 9 Prepare an income statement for 2021. ts eBook Print KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue Operating expenses Salaries expense Miscellaneous expense Depreciation expense Total operating expenses Net income Oo $ KARLIN COMPANY Balance Sheet + December 31, 2021 Assets pok int 0 0 Liabilities and Shareholders' Equity 0 OO $ 10 Req 2 5 and 8 Req Reg 4 Reg 6 Req 7A Req 7B Req9 9 nts Prepare a post-closing trial balance. eBook KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Credits Print Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals $ 0 $ 0 el 2 HUWUIR Saved o Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transa column next to the amount.) Cash 29,600 Accounts Receivable 16,500 Beg. bal. a. b. Beg. bal. a. d. Fook e. f. C. rint g. End. bal. 29,600 End. bal. 16,500 Equipment 28,000 Accumulated Depreciation 8,400 Beg. bal. Beg. bal. 1. End. bal. 28,000 End. bal. 8,400 Salaries Payable 9,250 Common Stock 47,500 Beg. bal. Beg. bal. 9.250 End. bal. 47,500 MWIN Saved 10 Salaries Payable 9,250 Common Stock Beg. bal. Beg. bal. 47,500 1.09 points End. bal. + 9,250 End. bal. 47,500 eBook Retained Earnings 8,950 Dividends Print Beg. bal. Beg. bal. End. bal. 8.950 End. bal. Service Revenue Miscellaneous expense 0 Beg. bal. 0 Beg. bal. End, bal. End. bal. Salaries Expense Depreciation Expense 0 Beg. bal. Beg. bal Mc Graw er 2 - Homework Saved Remeu carrings 8,950 LIVIUnus Beg. bal. Beg. bal. End. bal. 8,950 End. bal. Dok Miscellaneous expense Service Revenue 0 int Beg. bal. Beg. bal. 0 End. bal. End. bal. Salaries Expense Depreciation Expense 0 Beg. bal. Beg. bal. End. bal. End, bal.

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