In: Accounting
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:
Account Title | Debits | Credits | ||
Cash | 28,700 | |||
Accounts receivable | 18,000 | |||
Equipment | 31,000 | |||
Accumulated depreciation | 9,300 | |||
Salaries payable | 10,000 | |||
Common stock | 49,000 | |||
Retained earnings | 9,400 | |||
Total | 77,700 | 77,700 | ||
The following is a summary of the transactions for the year:
Required:
2., 5, & 8. Prepare the summary, adjusting and closing entries for each of the transactions listed.