g Cycle The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: 32,000 12,580 20,080 ipment 6,e00 7,250 cumulated depreciation Common stock 7,750 64, s00 64,500 Total The following is a summary of the transactions for the year: a. Sales b. Collected on a of services, $112,000, of which $33,600 was on credit ts receivable, $23,500 c. Issued shares of common stock in exchange for $10,500 in cash. d. Pald salaries, $40,750 (of which $7,250 was for salaries payable). e. Paid miscellaneous expenses, $22,000 d equipment for $12.500 in cash. g. Paid $2.700 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $815 2. Depreciation for the year on the equipment is $2,000. 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. Prey 1of1 Next