Problems 1-4

Pago 1 0 - ZOOM + Problem 253A The Accounting Cycle Karleen's Catering Service provides catered meals to individuals and business, 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 aggregation of many individual events during 2011 a Common stock was issued for $22.000 During the year, Karleen's perd office rent of $13,500 c. Utilities expenses incurred and paid were $5,320 d. Wages of $55,800 were earned by employees and paid during the year e. During the year, Kalem's provided catering services On credit 5128,200 For cash 18,650 f Karleen's paid $59.110 for supplies purchased and used during the year 3. Karleen's 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 accounting equation Prepare journal entries (Note: Ignore the date because these events are aggregations of individual events.) 3. Post the joumal entries to ledger accounts 4. Prepare a trial balance at December 31, 2011. Assume that all beginning account balances at Jamuary 1, 2011, are zero Karleen's Catering Service 1. Analyze the events for their effect on the accounting equation 2. Prepare journal entries Page of 3 0 - ZOOM + 3. Post the journal entries to ledger accounts 4. Prepare a trial balance at December 31, 2011. Assume that all beginning account balances at January 1, 2011, are zero