The general ledger of the Karlin Company, a consulting company, at January 1, 20

Question

The general ledger of the Karlin Company, a consulting company, at January 1, 2013, contained the following account balances:

General journal entry for each of the summary transactions listed above.

  a.Cash (Dr.) 70000

Service revenue (Cr.) 100000

b.Cash (Dr.) 27300
Accounts receivable (Cr.) 27300

c. Cash (Dr.) 10000
Common stock (Cr.) 10000

d. Salary expense (Dr.) 41000
Salaries payable (Dr.) 9000
Cash (Cr.) 50000

e. Miscellaneous expense (Dr.) 24000
Cash (Cr.) 24000

f. Equipment (Dr.) 15000
Cash (Cr.) 15000

g. Retained Earning (Dr.) 2500
Cash (Cr.) 2500

h..Salaries expense (Dr.) 1000
Salaries payable (Cr.) 1000

i. Depreciation expense - equipment (Dr.) 2000
Accumulated Depreciation - equipment (Cr.) 2000

Prepare the adjusting journal entries.

Prepare the closing entries.

Post the opening balances, transactions, adjusting and closing entries into the appropriate t-accounts.

Prepare an adjusted trial balance.

Prepare an income statement for 2013.

Prepare a balance sheet as of December 31, 2013.

The general ledger of the Karlin Company, a consulting company, at January 1, 2013, contained the following account balances:

Explanation / Answer

Service revenue (Cr.) 100000

b.Cash (Dr.) 27300
Accounts receivable (Cr.) 27300

c. Cash (Dr.) 10000
Common stock (Cr.) 10000

d. Salary expense (Dr.) 41000
Salaries payable (Dr.) 9000
Cash (Cr.) 50000

e. Miscellaneous expense (Dr.) 24000
Cash (Cr.) 24000

f. Equipment (Dr.) 15000
Cash (Cr.) 15000

g. Retained Earning (Dr.) 2500
Cash (Cr.) 2500

h..Salaries expense (Dr.) 1000
Salaries payable (Cr.) 1000

i. Depreciation expense - equipment (Dr.) 2000
Accumulated Depreciation - equipment (Cr.) 2000

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