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html ing Cycle Review Help Save & Exit Subm Check my work Problem 2-6 Accounting cycle LO2-2, 2-3, 2-4, 2-5, 2-6, 2-7 The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: 28,700 18,000 31,000 Equipment 9,300 10,000 49,000 9,400 Common stock 77,700 77,700 The following is a summary of the transactions for the year. of services, $134,000, of which $40,200 was on credit. a. Sales b. Collected on accounts receivable, $26,800. c. Issued shares of common stock in exchange for $16,000 in cash. d. Paid salaries, $49,000 (of which $10,000 was for salaries payable). e. Paid miscellaneous expenses, $26,400. f. Purchased equipment for $18,500 in cash. g. Paid $3,250 in cash dividends to shareholders 1. Accrued salaries at year-end amounted to $980 2. Depreciation for the year on the equipment is $3,100. Required: 4 of 4
nting Cycle Review Homework 1. Accrued salaries at year-end amounted to $980. 2. Depreciation for the year on the equipment is $3.100. Required: 2., 5, & 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 2018. 7-b. Prepare a balance sheet as of December 31, 2018. 9. Prepare a post-closing trial balance. e. Prepare the summary, adjusting and closing entries for each of the transactions listed. Complete this question by entering your answers in the tabs below. Req 2 5 and 8 Req 3 Req 4 Req 6 Req 7A Req 7B Req 9 Prepare the summary, adjusting and closing entries for each of the transactions listed. (it no ent select No journat entry required in the first account field) ist Journal entry worksheet
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Date ournal ent debit credit 1 cash 93800 accounts receivable 40200 service revenue 134000 (being account receivable) 2 cash 26800 account receivable 26800 (being amount collected on account receivable) 3 cash 16000 common stock 16000 (being issue share of common stock) 4 salaries expenses 39000 10000 salaries payable cash (being salaries paid) 49000 5 miscelleneous expenses 26400 cash 26400 (being miscellaneous expenses paid on cash) 6 equipment 18500 cash 18500 (being equipment purchased on cash) 7 retained earning 3250 cash 3250 (being paid dividend to shareholder on cash) 8 salaries expense:s 980 salaries payable 980 (being accrued salaries at the year of end) 9 depreciation expenses 3100 accumulated depreciation (being depreciation at the year of equipment) 3100 10 service revenue 134000 134000 income summary (being closing adjusting entries of service revenue) 11 income summary 69480 salaries expenses miscellenous expenses depreciation expenses 39980 26400 3100 (being adjusting entries on salaries,misc,dep exp) 64520 12 income summary 64520 retained earning (being adjusting entries on income summary)

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