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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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