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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 31,700 13,000 21,000 6,300 7.500 44.600 7.900 65,700 65,700 The following is a summary of the transactions for the year a. Service revenue $114,000, of which $34.200 was on account and the balance was received in cash b. Collected on accounts recevable $23,800, c. Issued shares of common stock in exchange for $11,000 in cash d. Pald salaries, $41,500 (of which $7,500 was for salaries payable at the end of the prior year). e. Pald miscellaneous expense for various items, $22.400 f. Purchased equipment for $13,000 in cash 9. Paid $2,750 in cash dividends to shareholders. 1. Accrued satarles at year-end amounted to $830. 2. Depreciation for the year on the equipment is $2,100, Required: 2..5. & B. Prepare the summary, adjusting and closing entries for each of the transactions listed. 3. Post the transactions, adjusting and closing entries into the appropriate accounts 4. Prepare an unadjusted trial balance 6. Prepare an adjusted trial balance, 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 9 Reg 25 and 8 Req3 Reg 4 Reg 6 Req 7A Req7B Prepare the summary, adjusting and closing entries for each of the transactions listed. (If no entry is required for a transaction/ever select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 5 6 7 8 ..... 12 > Sales of services, $114,000, of which $34,200 was on credit Journal entry worksheet Sales of services, $114,000, of which $34,200 was on credit. Note: Enter debits before credits Transaction General Journal Credit 8 Cash Accounts receivable Service revenue Debit 79,800 34,200 11,400 Record entry Clear entry View general Journal
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