Question: Hello everyone, can someone help me with Required 8,9 The general ledger of the Karlin Company, aconsulting compeny, at January 2016, contained the following Accounting
The general ledger of the Karlin Company, aconsulting compeny, at January 2016, contained the following Accounting cycle account belances: Account Title Debits Accounts recevable 15.000 Equipment Accumulated depreciation Salaries payable 9,000 Common stock Retained earnings 9,500 65.000 65.000 The following is a summary of the transactions for thc ycar a. Sales of services, S100,000, of which S30,000 was on credit. Collected on accounts receivable, S27,300. c. Issued shares of common stock in exchange for SI0,000 in cash. d. Paid salaries, S50,000 (of which $9,000 was for salaries payable). e. Paid mi ellaneous expenses, $24,000. f Purchased equipment for S15,000 in cash. g. Paid $2,500 in cash dividends to Required: L set up the necessary Taccounts and catcr the inning balances from the trial balance. 2. Prepare a general joumal entry for each ofthe summary transactions listed above. 3. Post the journal entries to the accounts. 4. Prepare an unadjusted trial balance. amounted to $1.000. Depreciation for 5. Prepare and post adjusting joumal entries. Accrued salaries at year end the year on the cquipment is S2.000. 6. Prepare an adjusted trial balance December 31.2016. 7 Prepare an incomc statement for 20lo and a balance shoct as of 8 Prepare and post closing entries. 9 Prenarc nort-cksinit trial halance. 1563 106
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