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i need help with these problems The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:
i need help with these problems
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 28,700 18,000 31,000 9,300 10,000 49, eee 9,400 77,700 77,700 The following is a summary of the transactions for the year. a. Service revenue, $134,000, of which $40,200 was on account and the balance was received in cash b. Collected on accounts receivable, $26,800. C. Issued shares of common stock in exchange for $16,000 in cash d. Paid salaries, $49,000 (of which $10,000 was for salaries payable at the end of the prior year) e. Paid miscellaneous expense for various items. $26,400 f. Purchased equipment for $18,500 in cash 9. Paid $3,250 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $980 2. Depreciation for the year on the equipment is $3.100 g. Paid $3,250 in cash dividends to shareholders 1. Accrued salaries at year-end amounted to $980. 2. Depreciation for the year on the equipment is $3,100 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 Complete this question by entering your answers in the tabs below. Req 25 and 8 Req3 Req4 Reg 6 Req 7A Reg 78 Reg 9 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.) Cash Accounts Receivable Record the entry to close the revenue accounts using the retained earnings account. Note: Enter debits before credits. General Journal Debit Credit Transaction j. + ..... 5 10 12 Record the entry to close the expense accounts using the retained earnings account. Note: Enter debits before credits. General Journal Debit Credit Transaction k. 5 6 7 8 .. 10 11 12 Record the entry to close the dividends account. Note: Enter debits before credits General Journal Debit Credit Transaction 1. Req 25 and 8 Req3 Req 4 Reg 6 Req 7A Reg 7B Reg 9 Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transact column next to the amount.) Accounts Receivable Beg, bal. 28.700 Beg, bal 18,000 Cash End, bal 28,700 End, bal 18,000 Equipment 31,000 Accumulated Depreciation 9,300 Beg bal Bog, bal. End, bal 31,000 End, bal 9,300 Salaries Payable 10,000 Common Stock 49,000 Beg bal. Beg, bal End. bal. 10,000 End. bal. 49,000 Retained Earnings 9,400 Dividends Beg. bal. Beg. bal. 0 End, bal 9,400 End, bal Service Revenue Miscellaneous expense Beg. bal 0 Beg. bal. End. bal End. bal. End, bal End, bal Depreciation Expense 0 Salaries Expense Beg bal. Begbal End, bal End, bal The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 28,700 18,000 31,000 9,300 10,000 49, eee 9,400 77,700 77,700 The following is a summary of the transactions for the year. a. Service revenue, $134,000, of which $40,200 was on account and the balance was received in cash b. Collected on accounts receivable, $26,800. C. Issued shares of common stock in exchange for $16,000 in cash d. Paid salaries, $49,000 (of which $10,000 was for salaries payable at the end of the prior year) e. Paid miscellaneous expense for various items. $26,400 f. Purchased equipment for $18,500 in cash 9. Paid $3,250 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $980 2. Depreciation for the year on the equipment is $3.100 g. Paid $3,250 in cash dividends to shareholders 1. Accrued salaries at year-end amounted to $980. 2. Depreciation for the year on the equipment is $3,100 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 Complete this question by entering your answers in the tabs below. Req 25 and 8 Req3 Req4 Reg 6 Req 7A Reg 78 Reg 9 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.) Cash Accounts Receivable Record the entry to close the revenue accounts using the retained earnings account. Note: Enter debits before credits. General Journal Debit Credit Transaction j. + ..... 5 10 12 Record the entry to close the expense accounts using the retained earnings account. Note: Enter debits before credits. General Journal Debit Credit Transaction k. 5 6 7 8 .. 10 11 12 Record the entry to close the dividends account. Note: Enter debits before credits General Journal Debit Credit Transaction 1. Req 25 and 8 Req3 Req 4 Reg 6 Req 7A Reg 7B Reg 9 Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transact column next to the amount.) Accounts Receivable Beg, bal. 28.700 Beg, bal 18,000 Cash End, bal 28,700 End, bal 18,000 Equipment 31,000 Accumulated Depreciation 9,300 Beg bal Bog, bal. End, bal 31,000 End, bal 9,300 Salaries Payable 10,000 Common Stock 49,000 Beg bal. Beg, bal End. bal. 10,000 End. bal. 49,000 Retained Earnings 9,400 Dividends Beg. bal. Beg. bal. 0 End, bal 9,400 End, bal Service Revenue Miscellaneous expense Beg. bal 0 Beg. bal. End. bal End. bal. End, bal End, bal Depreciation Expense 0 Salaries Expense Beg bal. Begbal End, bal End, bal Step by Step Solution
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