I have the below question in an Intermediate accounting class. I have completed the whole question, but
Question:
I have the below question in an Intermediate accounting class. I have completed the whole question, but when trying to submit, it says the question is incomplete. I can provide my work if needed.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:
Account Title | Debits | Credits | ||
Cash | 31,700 | |||
Accounts receivable | 13,000 | |||
Equipment | 21,000 | |||
Accumulated depreciation | 6300 | |||
Salaries payable | 7500 | |||
Common stock | 44,000 | |||
Retained earnings | 7900 | |||
Total | 65,700 | 65,700 |
The following is a summary of the transactions for the year:
- Service revenue, $114,000, of which $34,200 was on account and the balance was received in cash.
- Collected on accounts receivable, $23,800.
- Issued shares of common stock in exchange for $11,000 in cash.
- Paid salaries, $41,500 (of which $7,500 was for salaries payable at the end of the prior year).
- Paid miscellaneous expense for various items, $22,400.
- Purchased equipment for $13,000 in cash.
- Paid $2,750 in cash dividends to shareholders.
- Accrued salaries at year-end amounted to $830.
- Depreciation for the year on the equipment is $2,100.
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. unadjusted trial balance.
6. adjusted trial balance.
7-a. income statement for 2021.
7-b. balance sheet as of December 31, 2021.
9. post-closing trial balance.
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta