Problem 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 32,300 12,000 Equipment 19,000 Accumulated depreciation 5,700 Salaries payable 7,000 Common stock 43,000 Retained earnings 7,600 Total 63,300 63,300 The following is a summary of the transactions for the year: a. Service revenue, $110,000, of which $33,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $23,200. c. Issued shares of common stock in exchange for $9,500 in cash. d. Paid salaries, $40,000 (of which $7,000 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $21,600. f. Purchased equipment for $12,000 in cash. g. Paid $2,625 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $800. 2. Depreciation for the year on the equipment is $1,900. 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.