Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

KINDLY SOLVE THE REQUIREMENT THREE (3) FOR ME VERY WELL.TRIED SEVERALLY BUT THEY KEEP GETTING WRONG ANSWERS FOR THE APPROPRIATE T-ACCOUNTS The general ledger of

image text in transcribed

KINDLY SOLVE THE REQUIREMENT THREE (3) FOR ME VERY WELL.TRIED SEVERALLY BUT THEY KEEP GETTING WRONG ANSWERS FOR THE APPROPRIATE T-ACCOUNTS

The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 33,500 10,000 15,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 4,500 6,000 41,000 7,000 58,500 58,500 The following is a summary of the transactions for the year: a. Service revenue, $102,000, of which $30,600 was on account and the balance was received in cash. b. Collected on accounts receivable, $22,000. c. Issued shares of common stock in exchange for $7,500 in cash. d. Paid salaries, $37,000 (of which $6,000 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $20,000. f. Purchased equipment for $10,000 in cash. g. Paid $2,425 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $740. 2. Depreciation for the year on the equipment is $1,500. 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

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

Step: 3

blur-text-image

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

The Birth Of American Accountancy

Authors: Peter L. McMickle, Paul H. Jensen

1st Edition

0367534681, 9780367534684

More Books

Students also viewed these Accounting questions