05 Jun Question Caleb Company s fiscal year runs from January through December. Its January 1, 2013 s trial balances are below:
Question
Caleb Company s fiscal year runs from January through December. Its January 1, 2013 s trial balances are below:
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
Summary of transactions that occurred during the year are below:
a. Sales of services $100,000
Out of the sales, credit sales was 30,000
b. Accounts Receivable collected 27,300
c. Shares issued for cash 10,000
d. Salaries paid 50,000
Out of the salaries paid, Salaries Payable amount was 9,000
e. Miscellaneous Expense paid 24,000
f. Equipment Purchased 15,000
g. Cash Dividends paid 2,500
Other pertinent information:
Year-end accrued salaries $ 1,000
Equipment Depreciation
2,000
Required:
1.Set up the necessary T- accounts and enter the beginning balances from the trial balance provided.
2.Prepare a journal entry for each of the summary of transactions listed above.
3.Post the journal entries to the T-accounts.
4.Prepare an unadjusted trial balance.
5.Prepare and post adjusting journal entries. Enter the adjusting entries in the T-accounts as applicable. The two adjusting entries are the year-end accrued salaries and equipment depreciation provided in the question.
6.Prepare an adjusted trial balance.
7.Prepare an income statement for year ended 2013 and a balance sheet as of December 31, 2013.
8.Prepare and post closing entries.
9.Prepare a post- closing trial balance.
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