Required:

Set up the necessary T$-$accounts and enter the beginning balances from the trial balance.

Prepare a general journal entry for each of the summary transactions listed above.

Post the journal entries to the accounts.

Prepare an unadjusted trial balance.

Prepare and post adjusting journal entries. Accrued salaries at year$-$end amounted to $$1,000.$ Depreciation for

the year on the equipment is $$2,000.$

Prepare an adjusted trial balance.

Prepare an income statement for $2024$ and a balance sheet as of December $31,2024.$

Prepare and post$-$closing entries.

Prepare a post$-$closing trial balance.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, $$100,000,$ of which $$30,000$ was on account and the balance was received in cash.

b$.$ Collected on accounts receivable, $$27,300.$

c$.$ Issued shares of common stock in exchange for $$10,000$ in cash.

d$.$ Paid salaries, $$50,000($of which $$9,000$ was for salaries payable at the end of the prior year$).$

e$.$ Paid miscellaneous expense for various items, $$24,000.$

f$.$ Purchased equipment for $$15,000$ in cash.

g$.$ Paid $$2,500$ in cash dividends to shareholders.