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Please help with sections that are marked red. Everything else is correct. I have already tried using the values from the adjusted trial balance but
Please help with sections that are marked red. Everything else is correct. I have already tried using the values from the adjusted trial balance but they were incorrect.
The general ledger of the Karlin Company, a consulting company, at January 1, 2024, contained the following account balances: The following is a summary of the transactions for the year. a. Provided services, $108,000, of which $32,400 was on account and the balance was recelved in cash. b. Collected on accounts recelvable, $22,900. c. Issued shares of common stock in exchange for $9,000 in cash. d. Paid salarles, $39,250 (of which $6,750 was for salarles payable at the end of the prior year). e. Paid miscellaneous expense for various items, $21,200. f. Purchased equlpment for $11,500 in cash. g. Pald $2,575 in cash dividends to shareholders. Additional Information: h. Accrued salaries at year-end amounted to $785. I. Depreciation for the year on the equlpment is $1,800. Required: 1 to 3. Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the T-accounts (on the T-accounts tab). Post the journal entrles to the T-accounts. 4. Using the T-account balances, prepare an unadjusted trial balance. 5. Prepare adjusting journal entries using the additional Information provided. Post to the T-accounts (on the T-accounts tab). 6. Using the adjusted T-account balances, prepare an adjusted trial baiance. 7.e. Prepare an income statement for 2024. 7-b. Prepare a balance sheet as of December 31, 2024. 8. Prepare closing entries, and then post to the T-accounts (on the T-accounts tab). 9. Prepare a post-closing trial balance. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balanceStep by Step Solution
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