The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:Account TitleDebitsCreditsCash33,5eеAccounts receivableEquipmentAccumulated depreciationSalaries payableCommon stockRetained earnings10, 00015,0004,50e6,00041, eee7,000Total58, 50058,500The following is a summary of the transactions for the year:a. Service revenue, $102,000, of which $30,600 was on account and the balance was received in cash.b. Collected on accounts receivable, $22,000.c. Issued shares of common stock in exchange for $7,500 in cash.d. Paid salaries, $37,000 (of which $6,000 was for salaries payable at the end of the prior year).e. Paid miscellaneous expense for various items, $20,000.f. Purchased equipment for $10,000 in cash.g. Paid $2,425 in cash dividends to shareholders.1. Accrued salaries at year-end amounted to $740.2. Depreciation for the year on the equipment is $1,500.Required:2., 5, & 8. Prepare the summary, adjusting and closing entries for each of the transactions listed3. 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.

Name: The general ledger of the Karlin Company, a consulting company, at Ja
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:Account TitleDebitsCreditsCash33,5eеAccounts receivableEquipmentAccumulated depreciationSalaries payableCommon stockRetained