2-6 (Algo) Accounting cycle [LO2-3, 2-4, 2-5, 2-6, 2-7, 2-8] The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Cash Accounts receivable Debits Credits 30,500 15,000 Equipment 25,000 Accumulated depreciation 7,500 Salaries payable 8,500 Common stock 46,000 Retained earnings 8,500 Total 70,500 70,500 The following is a summary of the transactions for the year: a. Service revenue, $122,000, of which $36,600 was on account and the balance was received in cash. 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 at the end of the prior year). e. Paid miscellaneous expense for various items, $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. ework i Saved 1. 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. 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 2021. 7-b. Prepare a balance sheet as of December 31, 2021. 9. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Req 25 and 8 Req 3 Req 4 Req 6 Req 7A Req 7B Req 9 Prepare the summary, adjusting and closing entries for each of the transactions listed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal ante werkeknot Chapter 2 - Homework 1 4 View transaction list 10 points 03:10.51 eBook Journal entry worksheet Saved