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The general ledger of Karlin Company, at January 1, 2020 contained the following account balances. I need help with number required 4 and 6. Credits
The general ledger of Karlin Company, at January 1, 2020 contained the following account balances. I need help with number required 4 and 6.
Credits Debits 28,400 18,500 32,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9,600 10, 250 49,500 9,550 78,900 78,900 The following is a summary of the transactions for the year: a. Service revenue, $136.000, of which $40,800 was on account and the balance was received in cash. b. Collected on accounts receivable. $27,100. C. Issued shares of common stock in exchange for $16,500 in cash. d. Paid salaries, $49,750 (of which $10,250 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $26,800. f. Purchased equipment for $19,000 in cash. g. Paid $3,300 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $995. 2. Depreciation for the year on the equipment is $3,200. 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, 201 9. Prepare a post-closing trial balanceStep by Step Solution
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