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The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Cash Accounts receivable Equipment

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The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 28,700 18,000 31,000 9,300 10,000 49,000 9,400 77,700 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200 was on account and the balance was received in cash. b. Collected on accounts receivable, $26,800. c. Issued shares of common stock in exchange for $16,000 in cash. d. Paid salaries, $49,000 (of which $10,000 was for salaries payable at the end of the prior year) e. Paid miscellaneous expense for various items, $26,400. f. Purchased equipment for $18,500 in cash. g. Paid $3,250 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $980. 2. Depreciation for the year on the equipment is $3,100. 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. 7-b. Prepare a balance sheet as of December 31, 9. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Req3 Req6 Req 7B Req 4 Req 25 and 8 Req 7A Prepare an unadjusted trial balance. Credits es KARLIN COMPANY Unadjusted Trial Balance Account Title Debits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Miscellaneous expenses Totals $ 0 $ Complete this question by entering your answers in the tabs below. bok Req 2 5 and 8 Req3 Req 4 Reg 6 Req 7A Req 7B Prepare an adjusted trial balance. int 0 "ences KARLIN COMPANY Adjusted Trial Balance Account Title Debits Credits Cash 68,150 Accounts receivable 31,400 Equipment 49,500 Accumulated depreciation 12,400 Salaries payable 980 Common stock 65,000 Retained earnings 75,630 Dividends 3,250 Service revenue 134,000 Salaries expense 39,980 Miscellaneous expenses 26,400 Depreciation expense 3,100 Totals $ 218,530 $ 291,260 points Complete this question by entering your answers in the tabs below. eBook Req 25 and 8 Req3 Reg 4 Reg 6 Req 7A Req 78 Reg 9 Prepare an income statement for 2021. Print References KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue Operating expenses Salaries expense Miscellaneous expense Depreciation expense 0 Total operating expenses Net income 0 Prepare a balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) KARLIN COMPANY Balance Sheet December 31, 2021 Assets Current assets Cash Accounts recolvable 0 Property and equipment Equipment Accumulated depreciation 0 Total assets Liabilities and Shareholders' Equity Current liabilities Salaries payable 0 Shareholders' equity Common stock Retained earnings 0 $ 0 Total liabilities and shareholders' equity ( Req 7A Req> Complete this question by entering your answers in the tabs below. Reg 2 5 and 8 Req3 Reg 4 Reg 6 Req ZA Req 7B Req9 Prepare a post-closing trial balance. Credits KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals $ 0 0

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