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Please help!! Accounting Help!! The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits
Please help!! Accounting Help!!
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 30,000 15,000 20,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 6,000 9,000 40,500 9,500 65,000 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $24,000. f. Purchased equipment for $15,000 in cash. g. Paid $2,500 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $1,000. 2. Depreciation for the year on the equipment is $2,000. 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. Beg. bal. Beg. bal. Accounts Receivable 15,000 30,000 27,300 a. b. b. C. Cash 30,000 70,000 50,000 27,300 24,000 e. 10,000 15,000 f. 2,500g. 45,800 End. bal. End. bal. | 17,700 Reum Beg. bal. Equipment 20,000 15,000 Beg. bal. Accumulated Depreciation 6,000 2,000a. End. bal. 35,000 End. bal. 8,000 Beg. bal. Salaries Payable 9,000 1,000 Beg. bal. Common Stock 40,500 10,000 c. End. bal. 10,000 End. bal. 50,500 Dividends Beg. bal. Retained Earnings 9,500 2,500 32,000 X Beg. bal. End. bal. 39,000 End. bal. Service Revenue Miscellaneous expense Beg. bal. Beg. bal. 100,000 24,000 End. bal. 100,000 End. bal. 24,000 Depreciation Expense Salaries Expense Beg. bal. Beg. bal. a. 2,000 d. 40,000 X 1,000 X End. bal. 2,000 End. bal. 41,000 Credits 6,000 KARLIN COMPANY Unadjusted Trial Balance Account Title Cash $ 45,800 Accounts receivable 17,700 Equipment 35,000 Accumulated depreciation Salaries payable Common stock Retained earnings Dividends 2500 Service revenue Salaries expense 41,000 Miscellaneous expenses 24,000 Totals $ 166,000 50,500 9,500 100,000 $ 166,000 Credits KARLIN COMPANY Adjusted Trial Balance Account Title Debits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals $ 0 $ 0
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