Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i NEED HELP PLEASEEE The general ledger of Karlin Company, a consulting company at January 1,2022 , contained the fnllowino arrount halanres The following transactions
i NEED HELP PLEASEEE
The general ledger of Karlin Company, a consulting company at January 1,2022 , contained the fnllowino arrount halanres The following transactions took place during the month of January. 1/1 Karlin provided services to a client for $70,000 and collected cash 1/5 Karlin invested an additional $10,000 of cash in the business 1/10 Paid salaries of $10,000 1/15 Karlin provided services to a client for $30,000 on credit 1/18 Collected a customer accounts receivable of $10,000 1/20 Paid the utility bill of $1,000 1/22 Purchased a building paying $5,000 incash and signing a notes payable for the $10,000 1/24 Paid rent of $5,000 1/28 Karlin withdrew $2,500 1/30 Purchased $1,500 of Supplies REQUIRMENTS - Set up the necessary T-accounts and enter the beginning balances from the trial balance - Prepare a general entry for each of the transactions - Post the journal entries to the accounts - Prepare an unadjusted trial balance - Prepare and post the following adjusting journal entries - Accrued salaries at year-end amount to $2,000 - Equipment is being depreciated using straight-line. Salvage value is 0 and the useful live is 10 years. - A count of supplies at month end revealed $2,000 of supplies on hand - One half of the unearned revenue had been earned during the month - Karlin uses the % of receivable method to estimate bad debt expense. Karlin estimates that 4% of the year end accounts receivable will not be collected - Prepare an adjusted trial balance - Prepare an incomestatement, statement of owner's equity and balance sheet for January 31, 2022. - Prepare and post closing entries - Prepare a post-closing trial balance Uploadall of the above document intothe dropbox provided in the assignment area of D2LStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started