The general ledger of the Karlin Company, a consulting company,at January 1, 2013, contained the following account balances:Account Title Debits Credits Cash 30,000 Accounts receivable 15,000Equipment 20,000 Accumulated depreciation 6,000 Salaries payable9,000 Common stock 40,500 Retained earnings 9,500________________________________________________________________________________ Total 65,000 65,000________________________________________________________________________________________________________________________________________________________________________________________________________ The following is a summaryof the transactions for the year: a. Sales of services, $100,000,of which $30,000 was on credit. b. Collected on accountsreceivable, $27,300. c. Issued shares of common stock in exchangefor $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 wasfor salaries payable). e. Paid miscellaneous expenses, $24,000. f.Purchased equipment for $15,000 in cash. g. Paid $2,500 in cashdividends to shareholders. 1. Accrued salaries at year-end amountedto $1,000. 2. Depreciation for the year on the equipment is$2,000.
3. Prepare the closing entries.
4. Post the opening balances, transactions, adjusting andclosing entries into the appropriate t-accounts
5. Prepare an unadjusted trial balance.
6. Prepare an adjusted trial balance.
7. Prepare an income statement for 2013.
8. Prepare a balance sheet as of December 31, 2013.
9. Prepare a post-closing trial balance.
The general ledger of the Karlin Company, a consulting company,at January 1, 2013, contained the following account balances:Account Title Debits Credits Cash 30,000 Accounts receivable 15,000Equipment 20,000 Accumulated depreciation 6,000 Salaries payable9,000 Common stock 40,500 Retained earnings 9,500________________________________________________________________________________ Total 65,000 65,000________________________________________________________________________________________________________________________________________________________________________________________________________ The following is a summaryof the transactions for the year: a. Sales of services, $100,000,of which $30,000 was on credit. b. Collected on accountsreceivable, $27,300. c. Issued shares of common stock in exchangefor $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 wasfor salaries payable). e. Paid miscellaneous expenses, $24,000. f.Purchased equipment for $15,000 in cash. g. Paid $2,500 in cashdividends to shareholders. 1. Accrued salaries at year-end amountedto $1,000. 2. Depreciation for the year on the equipment is$2,000.
3. Prepare the closing entries.
4. Post the opening balances, transactions, adjusting andclosing entries into the appropriate t-accounts
5. Prepare an unadjusted trial balance.
6. Prepare an adjusted trial balance.
7. Prepare an income statement for 2013.
8. Prepare a balance sheet as of December 31, 2013.
9. Prepare a post-closing trial balance.
