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: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 30,500 15,000 25,000 7,500 8,500 46,000 8,500 70,500 70,500 The following is a summary of the transactions for the year: a. Sales of services, $122,000, of which $36,600 was on credit. 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). e. Paid miscellaneous expenses, $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. 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. H 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: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 30,500 15,000 25,000 7,500 8,500 46,000 8,500 70,500 70,500 The following is a summary of the transactions for the year: a. Sales of services, $122,000, of which $36,600 was on credit. 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). e. Paid miscellaneous expenses, $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. 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. H