ACCT 3001 Lecture Notes - Lecture 6: General Ledger, Junkers F.13, Prime Rate

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Ifrs questions are available at the end of this chapter. Answer d d d d d d b a c c a a a b. Purpose of adjusting entries: general journal, matching principle. Description c c c c d c b c c d d b d b b d c c c d c b a d. Multiple choice cpa adapted c b a c b b a d b c b a. *this topic is dealt with in an appendix to the chapter. Record transactions in journals, post to ledger accounts, and prepare a trial balance. Prepare financial statements from the adjusted trial balance. Differentiate the cash basis of accounting from the accrual basis of accounting. Tf: tf, mc, mc, mc, mc, mc, mc. Tf: tf, mc, mc, mc, mc, mc, mc, mc, mc. P: tf, mc, mc, mc, mc 102. E: tf, mc, mc, mc, mc, mc, mc, mc, mc, mc.

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

Account Title	Debits	Credits
Cash	30,000
Accounts receivable	15,000
Equipment	20,000
Accumulated depreciation		6,000
Salaries payable		9,000
Common stock		40,500
Retained earnings		9,500

Total	65,000	65,000

The following is a summary of the transactions for theyear:

a.	Sales of services, $100,000, of which $30,000was on credit.
b.	Collected on accounts receivable, $27,300.
c.	Issued shares of common stock in exchange for$10,000 in cash.
d.	Paid salaries, $50,000 (of which $9,000 wasfor salaries payable).
e.	Paid miscellaneous expenses, $24,000.
f.	Purchased equipment for $15,000 in cash.
g.	Paid $2,500 in cash dividends to shareholders.

1.	Accrued salaries at year-end amounted to$1,000.
2.	Depreciation for the year on the equipment is$2,000.

Required:

1.	Prepare a general journal entry for each ofthe summary transactions listed above.

2.	Prepare the adjusting journal entries.

	3.	Prepare the closing entries.

4.	Post the opening balances, transactions,adjusting and closing entries into the appropriatet-accounts.

5.	Prepare an unadjusted trial balance.

6.	Prepare an adjusted trial balance.

7.	Prepare an income statement for 2013.

Prepare a balance sheet as of December 31,2013.

Prepare a post-closing trial balance.

The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account Title Debits Credits Cash 33,500 Accounts receivable 10,000 Equipment 15,000 Accumulated depreciation 4,500 Salaries payable 6,000 Common stock 41,000 Retained earnings 7,000 Total 58,500 58,500 The following is a summary of the transactions for the year: Sales of services, $102,000, of which $30,600 was on credit. Collected on accounts receivable, $22,000. Issued shares of common stock in exchange for $7,500 in cash. Paid salaries, $37,000 (of which $6,000 was for salaries payable). Paid miscellaneous expenses, $20,000. Purchased equipment for $10,000 in cash. Paid $2,425 in cash dividends to shareholders. Accrued salaries at year-end amounted to $740. 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 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 2018. 7-b. Prepare a balance sheet as of December 31, 2018. 9. Prepare a post-closing trial balance.

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The general ledger of the Karlin Company, a consulting company,at January 1, 2013, contained the following account balances:Account Title Debits Credits Cash 30,000 Accounts receivable 15,000Equipment 20,000 Accumulated depreciation 6,000 Salaries payable9,000 Common stock 40,500 Retained earnings 9,500________________________________________________________________________________ Total 65,000 65,000________________________________________________________________________________________________________________________________________________________________________________________________________ The following is a summaryof the transactions for the year: a. Sales of services, $100,000,of which $30,000 was on credit. b. Collected on accountsreceivable, $27,300. c. Issued shares of common stock in exchangefor $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 wasfor salaries payable). e. Paid miscellaneous expenses, $24,000. f.Purchased equipment for $15,000 in cash. g. Paid $2,500 in cashdividends to shareholders. 1. Accrued salaries at year-end amountedto $1,000. 2. Depreciation for the year on the equipment is$2,000.

3. Prepare the closing entries.

4. Post the opening balances, transactions, adjusting andclosing entries into the appropriate t-accounts

5. Prepare an unadjusted trial balance.

6. Prepare an adjusted trial balance.

7. Prepare an income statement for 2013.

8. Prepare a balance sheet as of December 31, 2013.

9. Prepare a post-closing trial balance.

ACCT 3001 Lecture Notes - Lecture 6: General Ledger, Junkers F.13, Prime Rate

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