Problem 2-6 Accounting cycle [LO2-2, 2-3, 2-4, 2-5, 2-6, 2-7) The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances unt ritle30,000 Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings 15,000 20,000 6,000 9,000 40, 500 9,500 65,000 65,000 Total The following is a summary of the transactions for the year a. Sales of services, $100,000, of which $30,000 was on credit b. Collected on accounts receivable, $27,300 c. Issued shares of common stock in exchange for $10,000 in cash d. Pald salaries, $50,000 (of which $9,000 was for salaries payable) e. Paid miscellaneous expenses, $24,000 f. Purchased equipment for $15,000 in cash. g. Paid $2,500 in cash dividends to shareholders 1. Accrued salaries at year-end amounted to $1,000. 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 7-a. Prepare an income statement for 2018 7-b. Prepare a balance sheet as of December 31, 2018 9. Prepare a post-closing trial balance