And Sels Chapter 02 Pre-Built Problems Help Save & Exit Submit The general ledge

Question

And Sels Chapter 02 Pre-Built Problems Help Save & Exit Submit The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account Tit Cash 29,300 17,000 29,000 Equipment 10 points ted depreciation Common stock Retained earnings Total 8,700 9,500 48,000 9,100 75,300 75,300 eBookThe The following is a summary of the transactions for the year: a. Sales of services, $130,000, of which $39,000 was on credit. b. Collected on accounts receivable, $26,200. c. Issued shares of common stock in exchange for $15,000 in cash. d. Paid salaries, $47,500 (of which $9,500 was for salaries payable). e. Paid miscellaneous expenses, $25,600. f. Purchased equipment for $17,500 in cash. g. Paid $3,150 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $950 2. Depreciation for the year on the equipment is $2,900. Required: and closing for each of the transactions listed. 3. Post the transactions, adjusting and closing entries into the appropriate t-accounts. 4. Prepare an unadj 6. Prepare an adjusted trial balance. trial balance K Prev 12 of 12E Next

Explanation / Answer

Trans Accounts Title Dr Cr a Cash $91,000 Accounts receivable $39,000 Sales $130,000 b Cash $26,200 Accounts receivable $26,200 c Cash $15,000 Common stock $15,000 d Salaries expenses $38,000 Salaries Payable $9,500 Cash 47500 e Miscelleneous expenses $26,500 Cash $26,500 f Equipment $17,500 Cash $17,500 g Cash dividend $3,150 Cash $3,150 1 Salaries expenses 950 Salaries Payable 950 2 Depreciation expenses 2900 Acc depreciation 2900 Closing entries a Sales $130,000 Income summary $130,000 b Income summary 67450 Salaries expenses 38950 Depreciation expenses 2900 Miscelleneous expenses 25600 c Retained Eranings $3,150 Cash dividend $3,150 d Income summary $62,550 Retained Eranings $62,550 T accounts Cash Beg bal 29300 d 47500 a 91000 e $25,600 b 26200 f $17,500 c 15000 g $3,150 end bal 67750 Accounts Receivable Beg bal 17000 b $26,200 a $39,000 end bal $29,800 Salaries payable d 9500 Beg bal 9500 end bal 950 Euipment Beg bal 29000 f 17500 end bal 46500 Unadjusted trial balance Account Title Debits Credits Cash 67,750 Accounts receivable 29,800 Equipment 46,500 Accumulated depreciation 8,700 Salaries payable Common stock 63,000 Retained earnings $9,100 Cash dividend $3,150 Sales $130,000 Salaries expenes 38000 Depreciation expenses Miscelleneus exp 25600 Total 210,800 210,800 Adjusted trail balance Account Title Debits Credits Cash 67,750 Accounts receivable 29,800 Equipment 46,500 Accumulated depreciation 11,600 Salaries payable 950 Common stock 63,000 Retained earnings $9,100 Cash dividend $3,150 Sales $130,000 Salaries expenes 38950 Depreciation expenses 2900 Miscelleneus exp 25600 Total 214,650 214,650 Income summary Sales $130,000 Less: operating expenses Salaries expenes 38950 Depreciation expenses 2900 Miscelleneus exp 25600 Total operating exp 67450 Net Income $62,550 Balance Sheet Assets Cash 67,750 Accounts receivable 29,800 Total current assets 97,550 Equipment 46,500 Accumulated depreciation 11,600 34,900 Total assets 132,450 Liabilities & stockholder equity Salaries payable 950 Common stock 63,000 Retained earnings (9100+61650-3150) 68,500 Total stockholder equity 131,500 Total Liabilities & stockholder equity 132,450 Post closing trial balance Account Title Debits Credits Cash 67,750 Accounts receivable 29,800 Equipment 46,500 Accumulated depreciation 11,600 Salaries payable 950 Common stock 63,000 Retained earnings (9100+61650-3150) $68,500 Total 144,050 144,050

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.