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Please answer all required parts 1 - 9 Problem 2-6 (Algo) Accounting cycle [L02-3, 2-4, 2-5, 2-6, 2-7, 2-8] The general ledger of the Karlin
Please answer all required parts
Problem 2-6 (Algo) Accounting cycle [L02-3, 2-4, 2-5, 2-6, 2-7, 2-8] The general ledger of the Karlin Company, a consulting company, at January 1, 2024, contained the following account $ 6,600 44, 5 balances: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 31, 13 , 22, 7,750 8, 050 66, goo 66, g The following is a summary of the transactions for the year: a. Provided services, $116,000, of which $34,800 was on account and the balance was received in cash. Collected on accounts receivable, $24,100. c. Issued shares of common stock in exchange for $11,500 in cash. d. Paid salaries, $42,250 (of which $7,750 was for salaries payable at the end of the prior year). Paid miscellaneous expense for various items, $22,800. f. Purchased equipment for $13,500 in cash. . Paid $2,800 in cash dividends to shareholders. Additional information: Accrued salaries at year-end amounted to $845. i. Depreciation for the year on the equipment is $2,200. Required: 1 to 3. Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the T- accounts (on the T-accounts tab). Post the journal entries to the T-accounts. 4. using the T-account balances, prepare an unadjusted trial balance. 5. Prepare adjusting journal entries using the additional information provided. Post to the T-accounts (on the T-accounts tab). 6. Using the adjusted T-account balances, prepare an adjusted trial balance. 7-a. Prepare an income statement for 2024. 7-b. Prepare a balance sheet as of December 31, 2024. 8. Prepare closing entries, and then post to the T-accounts (on the T-accounts tab). 9. Prepare a post-closing trial balance.
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