Please read carefully ( i need help )The general ledger of the Karlin Company, a consulting company, at January 1, 2024, contained the following account balances:Account Title DebitsCreditsCash$ 29,900 Accounts receivable 16,000 Equipment27,000 Accumulated depreciation $ 8, 100Salaries payable 9,000Common stock 47,000 Retained earnings 8,800Total$ 72,900$ 72,900 The following is a summary of the transactions for the year: Provided services, $126,000, of which $37,800 was on account and the balance was received in cash.Collected on accounts receivable, $25, 600. Issued shares of common stock in exchange for $14,000 in cash. Paid salaries, $46,000 (of which $9,000 was for salaries payable at the end of the prior year). Paid miscellaneous expense for various items, $24, 800. Purchased equipment for $ 16,500 in cash. Paid $3,050 in cash dividends to shareholders.Additional information: Accrued salaries at year-end amounted to $920. Depreciation for the year on the equipment is $2,700. Required Using the T - account balances, prepare an unadjusted trial balance.5. Prepare adjusting journal entries using the additional information provided. Post to the T-accounts (on the T - accounts tab).6. Using the adjusted T - account balances, prepare an adjusted trial balance .7-a. Prepare an income statement for 2024.7 - b. Prepare a balance sheet as of December 31, 2024.8. Prepare closing entries, and then post to the T - accounts (on the T - accounts tab).9. Prepare a post- closing trial balance.
Please read carefully ( i need help )The general ledger of the Karlin Company, a consulting company, at January 1, 2024, contained the following account balances:Account Title DebitsCreditsCash$ 29,900 Accounts receivable 16,000 Equipment27,000 Accumulated depreciation $ 8, 100Salaries payable 9,000Common stock 47,000 Retained earnings 8,800Total$ 72,900$ 72,900 The following is a summary of the transactions for the year: Provided services, $126,000, of which $37,800 was on account and the balance was received in cash.Collected on accounts receivable, $25, 600. Issued shares of common stock in exchange for $14,000 in cash. Paid salaries, $46,000 (of which $9,000 was for salaries payable at the end of the prior year). Paid miscellaneous expense for various items, $24, 800. Purchased equipment for $ 16,500 in cash. Paid $3,050 in cash dividends to shareholders.Additional information: Accrued salaries at year-end amounted to $920. Depreciation for the year on the equipment is $2,700. Required Using the T - account balances, prepare an unadjusted trial balance.5. Prepare adjusting journal entries using the additional information provided. Post to the T-accounts (on the T - accounts tab).6. Using the adjusted T - account balances, prepare an adjusted trial balance .7-a. Prepare an income statement for 2024.7 - b. Prepare a balance sheet as of December 31, 2024.8. Prepare closing entries, and then post to the T - accounts (on the T - accounts tab).9. Prepare a post- closing trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Please read carefully ( i need help )The general ledger of the Karlin Company, a consulting company, at January
1, 2024, contained the following account balances:Account Title DebitsCreditsCash$ 29,900 Accounts receivable 16,000
Equipment27,000 Accumulated depreciation $ 8, 100Salaries payable 9,000Common stock 47,000 Retained earnings
8,800Total$ 72,900$ 72,900 The following is a summary of the transactions for the year: Provided services, $126,000, of
which $37,800 was on account and the balance was received in cash.Collected on accounts receivable, $25, 600. Issued
shares of common stock in exchange for $14,000 in cash. Paid salaries, $46,000 (of which $9,000 was for salaries
payable at the end of the prior year). Paid miscellaneous expense for various items, $24, 800. Purchased equipment for $
16,500 in cash. Paid $3,050 in cash dividends to shareholders.Additional information: Accrued salaries at year-end
amounted to $920. Depreciation for the year on the equipment is $2,700. Required 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 adjusted 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.
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