Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I ONLY NEED HELP WITH THE ONES I GOT WRONG IN THE ATTACHED PHOTOS. THANK YOU. Account Title Debits Credits 31,700 13,000 21,000 Cash Accounts

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribedimage text in transcribed

image text in transcribed

I ONLY NEED HELP WITH THE ONES I GOT WRONG IN THE ATTACHED PHOTOS. THANK YOU.

Account Title Debits Credits 31,700 13,000 21,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable 6,300 7,500 44,000 Common stock Retained earnings 7,900 65,700 65,700 Total The following is a summary of the transactions for the year: a. Service revenue, $114,000, of which $34,200 was on account and the balance was received in cash b. Collected on accounts receivable, $23,800. c. Issued shares of common stock in exchange for $11,000 in cash d. Paid salaries, $41,500 (of which $7,500 was for salaries payable at the end of the prior year) e. Paid miscellaneous expense for various items, $22,400 f. Purchased equipment for $13,000 in cash g. Paid $2,750 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $830. 2. Depreciation for the year on the equipment is $2,100 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. DIVIdenus nc7 Cash 2,750 Salaries expense 8 h. 830 Salaries payable 830 Depreciation expense 9 i. 2,100 Accumulated depreciation 2,100 10 j. Service revenue 114,000 Retained earnings 114,000 Retained earnings 11 59,330 k. Salaries expense 34,830 Miscellaneous expense 22,400 Depreciation expense 2,100 Retained earnings I. 12 54,670 Dividends 54,670 Req 2 5 and 8 Req 3> Retained Earnings Beg. bal. Closing 7,900 0 Closing 2,750 End. bal 5,150 Prepare an income statement for 2021. KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue 114,000 Total operating revenue Salaries expense 34,830 Miscellaneous expense 22,400 Depreciation expense 2,100 Accounts payable C X Accounts payable X Gross loss 59,330 54,670 Decembei 91, Z02T Assets Current assets $ Cash 66,650 Accounts receivable 23,400 Note receivable C Total shareholders' equity 90,050 Property and equipment Equipment 34,000 Accumulated depreciation 8,400 Accounts payable 0 132,450 Liabilities and Shareholders'Equity Current liabilities Salaries payable 830 Total current liabilities 830 Shareholders' equity Accounts payable C Common stock 0 Total assets and liabilities C $ 830 Total assets and liabilities Prepare a post-closing trial balance KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Credits $ 66,650 Cash Accounts receivable 23,400 Equipment 34,000 $ Accumulated depreciation 8,400 Salaries payable 830 Common stock 114,820 0 X Retained earnings 0 X Service revenue 0 X Salaries expense 0 X Miscellaneous expenses 0 X Depreciation expense $ 124,050 $ 124,050 Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Industrial Energy Efficiency Energy Auditing Energy Management And Policy Issues

Authors: Patrik Thollander, Magnus Karlsson, Patrik Rohdin, Johan Wollin, Jakob Rosenqvist

1st Edition

0128172479, 978-0128172476

More Books

Students also viewed these Accounting questions