The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account Title Debits Credits 29,000 17,500 30,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable 9,000 9,750 Common stock 48,500 9,250 Retained earnings 76,500 Total 76,500 The following is a summary of the transactions for the year: a. Sales of services, $132,000, of which $39,600 was on credit. b. Collected on accounts receivable, $26,500. c. Issued shares of common stock in exchange for $15,500 in cash d. Paid salaries, $48,250 (of which $9,750 was for salaries payable). e. Paid miscellaneous expenses, $26,000. f. Purchased equipment for $18,000 in cash g. Paid $3,200 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $965 2. Depreciation for the year on the equipment is $3,000. 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-b. Prepare a balance sheet as of December 31, 2018 9. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Reg 2 5 and 8 Req 4 Req 7A Req 7B Req 3 Req 6 Req 9 Prepare the summary, adjusting and closing entries for each of the transactions listed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 6 12 2 3 4 7 ... Sales of services, $132,000, of which $39,600 was on credit. Note: Enter debits before credits General Journal Event Debit Credit 1 Req 4 Req 6 Req 7A Req 2 5 and 8 Req 3 Req 7B Req 9 Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transa column next to the amount.) Cash Accounts Receivable Beg. bal Beg. bal 29,000 17,500 End. bal End. bal Accumulated Depreciation Equipment Beg. bal. Beg. bal. 30,000 9,000 End. bal End. bal, Salaries Payable Common Stock Beg.bal Beg. bal 9,750 48,500 End. bal. End. bal Req 2 5 and 8 Req 4 Req 7A Req 7B Req 3 Req 6 Req 9 unadjusted trial balance. Prepare an KARLIN COMPANY Unadjusted Trial Balance Debits Account Title Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Service revenue Salaries expense Miscellaneous expenses Totals Req 6> Req 3 Req 2 5 and 8 Req 3 Req 4 Req 7A Req 6 Req 7B Req 9 Prepare an adjusted trial balance. KARLIN COMPANY Adjusted Trial Balance Account Title Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals Req 4 Req 7A Req 4 Req 6 Req 7A Req 9 Req 2 5 and 8 Req 3 Req 7B Prepare an income statement for 2018 KARLIN COMPANY Income Statement For the Year Ended December 31, 2018 Req 7B Req 6 KARLIN COMPANY Balance Sheet December 31, 2018 Req 7A Req 7B Req 2 5 and 8 Req 3 Req 4 Req 6 Req 9 Prepare a post-closing trial balance. KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Service reven nue Salaries expense Miscellaneous expenses Depreciation expense Totals Reg 7B Req 9
