50.1K

Verified Solution

Link Copied!

need help 1-9 pleaseeee

The general ledger of the Karlin Company, a consulting company, ot January 1,2024, contained the following account balances: The following is a summary of the transactions for the year: a. Provided services, $110,000, of which $33,000 was on account and the balance was recelved in cash. b. Collected on accounts recelvable, $23,200. c. Issued shares of common stock in exchange for $9,500 in cash. d. Pald salaries, $40,000 (of which $7,000 was for salaries payable at the end of the peior year). e. Paid miscellaneous expense for various items, $21,600. f. Purchased equipment for $12.000 in cash. g. Paid \$2.625 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $800. i Depreciation for the year on the equipment is $1,900 Required: 1 to 3. Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the T-accounts (on the T-accounts tab). Post the journal entries to the T-accounts. 4. Using the T-account balances, prepare an unadjusted trial balance. 5. Prepare adjusting journal entries using the additional information provided. Post to the T-accounts (on the T-accounts tab). 6. Using the adjusted T-account balances, prepare an odjusted trial balance. 7.a. Prepare an income statement for 2024. 7.b. Prepare a balance sheet as of December 31,2024. 8. Prepare closing entries, and then post to the T-accounts (on the T-accounts tab). 9. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Using the adjusted T-account balances, prepare an adjusted trial balance

Answer & Explanation Solved by verified expert

See Answer