The general ledger of the Karlin Company, a consulting company, at January 1, 2016, contained the foll

The general ledger of the Karlin Company, a consulting company, at January 1, 2016, contained the following account balances: Debits Credits 30,500 15,000 25,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings 7,500 8,500 46,000 8,500 Total 70,500 70,500 The following is a summary of the transactions for the year a. Sales of services, $122000, of which $36,600 was on credit. b. Collected on accounts receivable, $25,000. c. Issued shares of common stock in exchange for $13,000 in cash. d. Paid salaries, $44,500 (of which $8,500 was for salaries payable). e. Paid miscellaneous expenses, $24,000. f. Purchased equipment for $15,500 in cash. g. Paid $2.950 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $890. 2. Depreciation for the year on the equipment is $2,500
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The general ledger of the Karlin Company, a consulting company, at January 1, 2016, contained the following account balances: Debits Credits 30,500 15,000 25,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings 7,500 8,500 46,000 8,500 Total 70,500 70,500 The following is a summary of the transactions for the year a. Sales of services, $122000, of which $36,600 was on credit. b. Collected on accounts receivable, $25,000. c. Issued shares of common stock in exchange for $13,000 in cash. d. Paid salaries, $44,500 (of which $8,500 was for salaries payable). e. Paid miscellaneous expenses, $24,000. f. Purchased equipment for $15,500 in cash. g. Paid $2.950 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $890. 2. Depreciation for the year on the equipment is $2,500

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