Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2018.

Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the events described below are aggregations of many individual events during 2018. a. Common shares were issued for $22,000. b. During the year, Karleen's paid office rent of $13,500. c. Utilities expenses incurred and paid were $5,320. d. Wages of $58,800 were earned by employees and paid during the year. e. During the year, Karleen's provided catering services: On credit For cash $128,200 18,650 f. Karleen's paid $59,110 for supplies purchased and used during the year. g. Karleen's declared and paid dividends in the amount of $3,500. g. Karleen's declared and paid dividends in the amount of $3,500. h. Karleen's collected accounts receivable in the amount of $109,400. Required: 1. Analyze the events for their effect on the basic accounting equation. 2. Prepare journal entries. (Note: Ignore the date because these events are aggregations of individual events.) 3. Post the journal entries to T-accounts. Answer 4. Prepare a trial balance at December 31, 2018. Assume that all beginning account balances at January 1, 2018, are zero