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The general ledger of the Karlin Company, a consulting company, at January 1 , 2 0 2 4 , contained the following account balances: Account
The general ledger of the Karlin Company, a consulting company, at January contained the following account balances: Account Title Debits Credits Cash $ Accounts receivable Equipment Accumulated depreciation $ Salaries payable Common stock Retained earnings Total $ $ The following is a summary of the transactions for the year: Provided services, $ of which $ was on account and the balance was received in cash. Collected on accounts receivable, $ Issued shares of common stock in exchange for $ in cash. Paid salaries, $of which $ was for salaries payable at the end of the prior year Paid miscellaneous expense for various items, $ Purchased equipment for $ in cash. Paid $ in cash dividends to shareholders. Additional information: Accrued salaries at yearend amounted to $ Depreciation for the year on the equipment is $ Required: to Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the Taccounts on the Taccounts tab Post the journal entries to the Taccounts. Using the Taccount balances, prepare an unadjusted trial balance. Prepare adjusting journal entries using the additional information provided. Post to the Taccounts on the Taccounts tab Using the adjusted Taccount balances, prepare an adjusted trial balance. a Prepare an income statement for b Prepare a balance sheet as of December Prepare closing entries, and then post to the Taccounts on the Taccounts tab Prepare a postclosing trial balance. Please answer each question
The general ledger of the Karlin Company, a consulting company, at January contained the following account balances:
Account Title Debits Credits
Cash $
Accounts receivable
Equipment
Accumulated depreciation $
Salaries payable
Common stock
Retained earnings
Total $ $
The following is a summary of the transactions for the year:
Provided services, $ of which $ was on account and the balance was received in cash.
Collected on accounts receivable, $
Issued shares of common stock in exchange for $ in cash.
Paid salaries, $of which $ was for salaries payable at the end of the prior year
Paid miscellaneous expense for various items, $
Purchased equipment for $ in cash.
Paid $ in cash dividends to shareholders.
Additional information:
Accrued salaries at yearend amounted to $
Depreciation for the year on the equipment is $
Required:
to Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the Taccounts on the Taccounts tab Post the journal entries to the Taccounts.
Using the Taccount balances, prepare an unadjusted trial balance.
Prepare adjusting journal entries using the additional information provided. Post to the Taccounts on the Taccounts tab
Using the adjusted Taccount balances, prepare an adjusted trial balance.
a Prepare an income statement for
b Prepare a balance sheet as of December
Prepare closing entries, and then post to the Taccounts on the Taccounts tab
Prepare a postclosing trial balance. Please answer each question
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