The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Debits Credits Cash 28,100 Accounts receivable 19,000 Equipment 33,000 Accumulated depreciation 9,900 Salaries payable 10,500 Common stock 50,000 Retained earnings 9,700 Total 80,100 80,100 The following is a summary of the transactions for the year: Service revenue, $138,000, of
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The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:
The following is a summary of the transactions for the year:
- Service revenue, $138,000, of which $41,400 was on account and the balance was received in cash.
- Collected on accounts receivable, $27,400.
- Issued shares of common stock in exchange for $17,000 in cash.
- Paid salaries, $50,500 (of which $10,500 was for salaries payable at the end of the prior year).
- Paid miscellaneous expense for various items, $27,200.
- Purchased equipment for $19,500 in cash.
- Paid $3,350 in cash dividends to shareholders.
- Accrued salaries at year-end amounted to $1,010.
- Depreciation for the year on the equipment is $3,300.
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.
I have everything correct except number 9. Would someone be able to tell me what's wrong here? It says everything is correct EXCEPT for the revenue and expense accounts