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I need help with Homework...i have done most of the general journal but i cannot complete it all. The general ledger of the Karlin Company,
I need help with Homework...i have done most of the general journal but i cannot complete it all.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits Account Title 27,800 19,500 34,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings 10,200 10,750 50,500 9,850 81,300 81,300 Total The following is a summary of the transactions for the year: a. Service revenue, $140,000, of which $42,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,700 c. Issued shares of common stock in exchange for $17,500 in cash. d. Paid salaries, $51,250 (of which $10,750 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $27,600. f. Purchased equipment for $20,000 in cash. g. Paid $3,400 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $1,025. 2. Depreciation for the year on the equipment is $3,400 Required: 2, 5, & 8. Prepare the summary, adjusting and closing entries for each of the trasactions 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. Credit Debit General Journal No Transaction 98,000 Cash a.. 42,000 Accounts receivable 140,000 Service revenue 27,700 b. Cash 2 27,700 Accounts receivable 17,500 Cash 3 C. 17,500 Common stock 40,500 4 Salaries expense d. Salaries payable 10,750 51,250 Cash 27,600 Miscelaneous expense 5 27,600 Cash Equipment 20,000 6 20,000 Cash Dividends 7 3,400 3,400 Cash Salaries expense 8 h. 1,025 Salaries payable 1,025 Depreciation expense 3,400 3,400 Accumulated depreciation 10 140,000 Service revenue Retained earnings 140,000 11 Dividends k. Salaries expense Miscellaneous expense Depreciation expense 12 Retained earnings 9,850 Dividends 9,850 Reg 25 and 8 Req 3 Step by Step Solution
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