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, 2024, contained the following account balances: The following is a summary of the transactions for the year: a. Provided services, $106,000, of which $31,800 was on account and the balance was received in cash. b. Collected on accounts receivable, $22,600. c. Issued shares of common stock in exchange for $8,500 in cash. d. Paid salaries, $38,500 (of which $6,500 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $20,800. f. Purchased equipment for $11,000 in cash. g. Paid $2,525 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $770. i. Depreciation for the year on the equipment is $1,700. 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. Complete this question by entering your answers in the tabs below. Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the T-accounts (on the Taccounts tab). Post the journal entries to the T-accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Using the T-account balances, prepare an unadjusted trial balance. repare adjusting journal entries using the additional information provided. Post to the T-accounts (on the T-accounts tab). Jote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the adjusting journal entry for accrued salaries at year-end that amounted to $770. Note: Enter debits before credits. Using the adjusted T-account balances, prepare an adjusted trial balance. Prepare an income statement for 2024. Balance Sheet December 31, 2024 Assets Current assets: \begin{tabular}{|c|c|} \hline & \\ \hline \end{tabular} epare closing entries, and then post to the T-accounts (on the T-accounts tab). ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry to close the revenue accounts using the retained earnings account. Note: Enter debits before credits. le Problem \#4 (i) Prepare a post-closing trial balance. 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, 2024, contained the following account balances: The following is a summary of the transactions for the year: a. Provided services, $106,000, of which $31,800 was on account and the balance was received in cash. b. Collected on accounts receivable, $22,600. c. Issued shares of common stock in exchange for $8,500 in cash. d. Paid salaries, $38,500 (of which $6,500 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $20,800. f. Purchased equipment for $11,000 in cash. g. Paid $2,525 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $770. i. Depreciation for the year on the equipment is $1,700. 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. Complete this question by entering your answers in the tabs below. Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the T-accounts (on the Taccounts tab). Post the journal entries to the T-accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Using the T-account balances, prepare an unadjusted trial balance. repare adjusting journal entries using the additional information provided. Post to the T-accounts (on the T-accounts tab). Jote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the adjusting journal entry for accrued salaries at year-end that amounted to $770. Note: Enter debits before credits. Using the adjusted T-account balances, prepare an adjusted trial balance. Prepare an income statement for 2024. Balance Sheet December 31, 2024 Assets Current assets: \begin{tabular}{|c|c|} \hline & \\ \hline \end{tabular} epare closing entries, and then post to the T-accounts (on the T-accounts tab). ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry to close the revenue accounts using the retained earnings account. Note: Enter debits before credits. le Problem \#4 (i) Prepare a post-closing trial balance