Question

The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 31,700 13,000 21,000 6,300 7,500 44,000 7,900 65,700 65,700 The following is a summary of the transactions for the year: a. Sales of services, $114,000, of which $34,200 was on credit. b. Collected on accounts receivable, $23,800 c. Issued shares of common stock in exchange for $11,000 in cash d. Paid salaries, $41,500 (of which $7,500 was for salaries payable) e. Paid miscellaneous expenses, $22,400 f. Purchased equipment for $13,000 in cash g. Paid $2,750 in cash dividends to shareholders 1. Accrued salaries at year-end amounted to $830 2. Depreciation for the year on the equipment is $2,100

Answer 1

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Journal entries for working:
Event	Account	Debit	Credit
a	Cash	$ 79,800
	Accounts Receivable	$ 34,200
	Service Revenue		$114,000
b	Cash	$ 23,800
	Accounts Receivable		$ 23,800
c	Cash	$    1,000
	Common Stock		$    1,000
d	Salaries Expense	$ 34,000
	Salaries Payable	$    7,500
	Cash		$ 41,500
e	Miscellaneous Expense	$ 22,400
	Cash		$ 22,400
f	Equipment	$ 13,000
	Cash		$ 13,000
g	Dividends	$    2,750
	Cash		$    2,750
Adjusting
1 adj	Salaries Expense	$       830
	Salaries Payable		$        830
2 adj	Depreciation Expense	$    2,100
	Accumulated Depreciation		$    2,100
Part 4 and 6 Trial Balance
		Balance		Year Trx		Unadjusted Trial		Adjustments		Adjusted
	Accounts	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
	Cash	$ 31,700		$ 24,950		$ 56,650				$ 56,650
	Accounts Receivable	$ 13,000		$ 10,400		$ 23,400				$ 23,400
	Equipment	$ 21,000		$ 13,000		$ 34,000				$ 34,000
	Accumulated Depreciation		$    6,300				$    6,300		$    2,100		$    8,400
	Salaries Payable		$    7,500	$    7,500			$          -		$       830		$       830
	Common Stock		$ 44,000		$    1,000		$ 45,000				$ 45,000
	Dividend			$    2,750		$    2,750				$    2,750
	Retained earning		$    7,900				$    7,900				$    7,900
	Service Revenue				$114,000		$114,000				$114,000
	Salaries Expense			$ 34,000		$ 34,000		$       830		$ 34,830
	Miscellaneous Expense			$ 22,400		$ 22,400				$ 22,400
	Depreciation Expense							$    2,100		$    2,100
	Total	$ 65,700	$ 65,700	$115,000	$115,000	$173,200	$173,200	$    2,930	$    2,930	$176,130	$176,130