ACCT315 Caleb Company”?s fiscal year runs from January through December.

| October 22, 2018

Caleb Company s fiscal year runs from January through December. Its January 1, 2013 s trial balances are below:Account Title Debits CreditsCash $30,000Accounts Receivable 15,000Equipment 20,000Accumulated Depreciation $ 6,000Salaries Payable 9,000Common Stock 40,500Retained Earnings 9,500Total $ 65,000 $ 65,000Summary of transactions that occurred during the year are below:a. Sales of services $100,000Out of the sales, credit sales was 30,000b. Accounts Receivable collected 27,300c. Shares issued for cash 10,000d. Salaries paid 50,000Out of the salaries paid, Salaries Payable amount was 9,000e. Miscellaneous Expense paid 24,000f. Equipment Purchased 15,000g. Cash Dividends paid 2,500Other pertinent information:Year-end accrued salaries $ 1,000Equipment Depreciation2,000Required: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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