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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
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 29, eee 17,500 30,eee 9, eee 9,750 48,500 9,250 76,500 76, see The following is a summary of the transactions for the year: a. Service revenue, $132,000, of which $39.600 was on account and the balance was received In cash. b. Collected on accounts receivable, $26,500. c. Issued shares of common stock in exchange for $15,500 in cash. d. Pald salaries, $48,250 (of which $9,750 was for salaries payable at the end of the prior year). e. Pald miscellaneous expense for various items, $26,000. f. Purchased equipment for $18,000 in cash. g. Pald $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-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. Complete this question by entering your answers in the tabs below. Req 25 and 8 Req3 Reg 4 Reg 6 Req 7A Req 78 Reg 9 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 S 0 $ 0
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