Question

Required: 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.

Answer 1

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 Wrap Text Merge & Center - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells X fac 1175 А 2 &5 C D E F G H I J K L M N O P 1 Credit Karlin Consulting General Journal Cash Accounts Receivable To Service Revenue (Being amount of service provided $33000 was on accounts and balance on cash) Debit $ 33,000.00 $ 77,000.00 $1,10,000.00 $ 23,200.00 8 9 b) 10 11 12 13 C) 14 Cash To Accounts Receiable (Being amount of cash received from customer) $ 23,200.00 $ 9,500.00 $ 9,500.00 Cash To Common Stock (Being amount of cash received in exchange of common stock) 15 16 17 d) $ $ 7,000.00 33,000.00 Salary Payable Salaries To Cash (Being amount of Salaries Payable paid $7000, and salaries paid $33000) $ 40,000.00 21 Sheet1 Sheet2 Sheet3 Enter BOU 100% e ve 10:44 PA ENG 16 16-01-2020 A 1

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 Wrap Text Merge & Center - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells X fac 1175 А 2 &5 C D E F G H I J K L M N O P 1 Credit Karlin Consulting General Journal Cash Accounts Receivable To Service Revenue (Being amount of service provided $33000 was on accounts and balance on cash) Debit $ 33,000.00 $ 77,000.00 $1,10,000.00 $ 23,200.00 8 9 b) 10 11 12 13 C) 14 Cash To Accounts Receiable (Being amount of cash received from customer) $ 23,200.00 $ 9,500.00 $ 9,500.00 Cash To Common Stock (Being amount of cash received in exchange of common stock) 15 16 17 d) $ $ 7,000.00 33,000.00 Salary Payable Salaries To Cash (Being amount of Salaries Payable paid $7000, and salaries paid $33000) $ 40,000.00 21 Sheet1 Sheet2 Sheet3 Enter BOU 100% e ve 10:44 PA ENG 16 16-01-2020 A 1

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General E D Autosum ~ A * Cut La Copy Paste Format Painter Clipboard BI U - 11 - AA 2 A Font Wrap Text Merge & Center Alignment ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Number Cells X fax 1175 Α B D E F G H I J K L M N O P Γ 21 22 $ 21,600.00 23 Miscellaneous Expenses To Cash (Being amount of Miscellaneous expenses paid) $ 21,600.00 $ 12,000.00 Equipment To Cash (Being amount of equipment purchased) $ 12,000.00 28 30 g) $ 2,625.00 $ 2,625.00 Retained Earnings To Cash (Being amount of cash dividend paid to shareholders) Adjusting Entries General Journal Credit Debit Debit $ 800.00 Salaries Expenses To Salaries Payable (Being amount of salaries payable) $ 800.00 38 39 40 41 2) 42 $ 1,900.00 Depreciation To Accumulated Depreciation (Beine amount of Depreciation) Sheet1 Sheet2 Sheet3 $ 1,900.00 43 » Enter + OU 100% ve SPA ENG A 10:44 16-01-2020 16

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 Wrap Text Merge & Center - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells X for В D E F G H I J K L M N O P 1175 А 46 47 Balance 48 a) 49 b) 50 C) $ C Cash Account 32,300.00 d) 33,000.00 le) 23,200.00 €) 9,500.00 g) Balance 98,000.00 $ 40,000.00 $ 21,600.00 $ 12,000.00 $ 2,625.00 $ 21,775.00 $ 98,000.00 Balance Accounts Receivable 12,000.00 lb) 77,000.00 Balance 89,000.00 $ 23,200.00 $ 65,800.00 $ 89,000.00 59 60 $ 31,000.00 Equipment 19,000.00 Balance 12,000.00 31,000.00 $ 31,000.00 61 Balance $ 62 f) 63 $ 64 65 66 Balance 67 $ Sheet1 Enter Common Stock 52,500.00 Balance $ 43,000.00 $ 9,500.00 $ 52,500.00 68 52,500.00 ca Sheet2 Sheet3 OU 100% rue SPA ENG - 10:44 16-01-2020 16 E

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 Wrap Text Merge & Center - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells X fic 1175 A C D E F G H I J K L M N O P 69 70 71 Salaries Payable 7,000.00 Balance 800.00 Adj 7,800.00 $ $ $ $ 7,000.00 800.00 7,800.00 72 Balance 73 74 75 Balance 76 Service Revenue 1,10,000.00 a) 1,10,000.00 $1,10,000.00 $1,10,000.00 78 79 80 81 $ 33,800.00 Salaries Expense 33,000.00 Balance 800.00 33,800.00 83 Adj $ 33,800.00 Miscellaneous Expense 21,600.00 Balance 21,600.00 $ 21,600.00 $ 21,600.00 90 91 g) Retained Earnings 2,625.00 Balance $ 7,600.00 ol Sheet1 Sheet2 Sheet3 N' Enter OU 100% SPA ENG 10:44 16-01-2020 16

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard BI U - 11 - AA 2 A Font Wrap Text Merge & Center Alignment ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Number Cells fx D E F G H I J K L M N O P 1175x А 90 91 g) Balance 93 Balance $ C Retained Earnings 2,625.00 Balance 4,975.00 7,600.00 $ 7,600.00 $ 7,600.00 Adj $ $ 1,900.00 1,900.00 $ $ $ 5,700.00 1,900.00 7,600.00 Depreciation Expense 1,900.00 Balance 1,900.00 98 99 Accumulated Depreciation 100 Balance $ 7,600.00 Balance 101 Adj 102 7,600.00 103 104 Karlin Consulting 105 Unadjusted Trial Balance 106 4) Account Head Debit 107 Cash $ 21,775.00 Accounts Receivable $ 65,800.00 109 Equipment $ 31,000.00 Accumulated Depreciation 111 Salaries Payable 112 Common Stock **** Sheeti Sheet2 Sheet3 Enter Credit 108 110 $ 5,700.00 $ 52,500.00 Ann OU 100% rue SPA ENG 10:44 16-01-2020 16 B

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 Wrap Text Merge & Center - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells - X for 1175 A B D E F G H I J K L M N O P 104 105 C Karlin Consulting Unadjusted Trial Balance Debit $ 21,775.00 $ 65,800.00 $ 31,000.00 1064) 107 108 Credit 109 110 $ 5,700.00 111 112 Account Head Cash Accounts Receivable Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Service Revenue Salaries Expense Miscellaneous Expense Depreciation Expense Total 113 $ 52,500.00 $ 4,975.00 $1,10,000.00 114 115 116 $ $ 33,000.00 21,600.00 117 118 $ 1,73,175.00 $1,73,175.00 120 Karlin Consulting Adjusted Trial Balance 122 Credit Account Head Cash Accounts Receivable Equipment Accumulated Depreciation Isalaries Davabla Sheet1 Sheet2 Sheet3 Debit $ 21,775.00 $ 65,800.00 $ 31,000.00 124 125 126 127 ► Enter $ : 7,600.00 ՋՈՈ ՈՈ/ + OU 100% 10:45 - ENG 1 16-01-2020 ga

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 Wrap Text Merge & Center - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells -X fx 1175 А B C D E F G H I J K L M N O P 120 121 Karlin Consulting Adjusted Trial Balance 122 Credit 123 124 Debit $ 21,775.00 $ 65,800.00 $ 31,000.00 125 126 127 128 Account Head Cash Accounts Receivable Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Service Revenue Salaries Expense Miscellaneous Expense Depreciation Expense Total $ 7,600.00 $ 800.00 $ 52,500.00 $ 4,975.00 $1,10,000.00 1296) 130 131 132 $ 33,800.00 $ 21,600.00 $ 1,900.00 $1,75,875.00 133 134 $1,75,875.00 135 136 137 7a) Karlin Consulting Income Statement 138 $ 1,10,000.00 139 140 141 Service Revenue=(A) Expenses Salaries Expense Miscellaneous Expenses Depreciation Expense Total Expenses=(B) S heet1 Sheet2 Sheet3 $ 33,800.00 $ 21,600.00 $ 1,900.00 $ 57300 001 142 142 RE Enter + BOU 100% e SPA ENG 10:45 16-01-2020

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General E D Wrap Text Merge & Center Autosum ~ A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells 1175 A C D E F G H I J K L M N O P 153 154 $ 21,775.00 $ 65,800.00 $ 31,000.00 $ -7,600.00 $ 23,400.00 $1,10,975.00 X for B Assets Cash Accounts Receivable Equipment Accumulated Depreciation Office Equipment Total Assets Liabilities & Stockholder's equity Liabilities Salaries Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Equity Total Liabilities & Stockholder's Equity $ 800.00 158 159 $ 800.00 161 162 163 $ 52,500.00 $ 57,675.00 164 $ 1.10.175.00 $ 1,10,975.00 165 8) 166 167 168 169 170 Credit Karlin Consulting Post Closing Entries General Journal Service Revenue To Income Summary (Being amount of servie revenue) Debit $1,10,000.00 $1,10,000.00 171 172 173 | $ 57.300.00 Income Summary Sheet1 Sheet2 Sheet30 Enter OU 100% ve ENG SPA 10:45 16-01-2020

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 Wrap Text Merge & Center - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells 1175 X fac А C D E F G H I J K L M N O P 166 167 Credit 168 169 Karlin Consulting Post Closing Entries General Journal Service Revenue To Income Summary (Being amount of servie revenue) Debit $1,10,000.00 $1,10,000.00 170 171 172 173 $ 57,300.00 174 175 176 Income Summary To Salries Expense To Miscellaneous expense Advertisement Expense To Depreciation Expense (Expenses transferred to Income Summary Account) $ 33,800.00 $ 21,600.00 $ 1,900.00 177 178 179 $ 52,700.00 Income Summary To Retained Earnings (Income transferred to retained earnings) $ 52,700.00 180 181 182 183 1849) 185 186 187 Karlin Consulting Post Closing Trial Balance Account Title & Explaination Cash Accounts Receivable S heet1 Sheet2 Sheet3 0 Dr $ 21,775.00 $ 21,75.00 188 189 RE Enter BOU 100% SPA ENG 10:45 16-01-2020

Book1 - Microsoft Excel - X Home Insert Page Layout Formulas Data Review View Calibri General 12 Wrap Text Merge & Center - ] Autosum « À A * Cut La Copy Paste Format Painter Clipboard - 11 - AA 2 A Font BI U ,09 Conditional Format Formatting as Table Styles Cell Styles Insert Delete Format Σ AutoSum - A Fill Sort & 2 Clear Filter Editing Find & Select Alignment Number Cells 1175 X fic A E F G H I J K L M N O P 182 183 184 9) 185 186 187 188 189 Karlin Consulting Post Closing Trial Balance Account Title & Explaination Cash Accounts Receivable Equipment Accumulated Depreciation-Computer Equipment Salaries Payable Common Stock Retained Earnings Total 191 Dr ar $ 21,775.00 $ 65,800.00 $ 31,000.00 $ 7.600.00 $ 800.00 $ 52,500.00 $ 57,675.00 $1,18,575.00 $1,18,575.00 193 196 203 204 205 12 Enter Sheet1 Sheet2 Sheet3 + BOU 100% e SPA ENG 10:45 16-01-2020