SA Comp 1 The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances Account Title Debits Credits Cash 30,200 Accounts receivable 15,500 Equipment 26,000 Accumulated depreciation 7,800 Salaries payable 8,750 Common stock 46,500 Retained earnings 8,650 Total 71,700 71,700 The following is a summary of the transactions for the year Sales of services, $124,000, of which $37,200 was on credit Collected on accounts receivable, $25,300 Issued shares of common stock in exchange for $13,500 in cash Paid salaries, $45,250 (of which $8,750 was for salaries payable) Paid miscellaneous expenses, $24,400 Purchased equipment for $16,000 in cash Paid $3,000 in cash dividends to shareholders Accrued salaries at year end amounted to $905 Depreciation for the year on the equipment is $2,600 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

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SA Comp #1 The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account Title Debits

SA Comp #1

The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances:

Account Title	Debits	Credits
Cash	30,200
Accounts receivable	15,500
Equipment	26,000
Accumulated depreciation		7,800
Salaries payable		8,750
Common stock		46,500
Retained earnings		8,650
Total	71,700	71,700

The following is a summary of the transactions for the year:

Sales of services, $124,000, of which $37,200 was on credit.
Collected on accounts receivable, $25,300.
Issued shares of common stock in exchange for $13,500 in cash.
Paid salaries, $45,250 (of which $8,750 was for salaries payable).
Paid miscellaneous expenses, $24,400.
Purchased equipment for $16,000 in cash.
Paid $3,000 in cash dividends to shareholders.

Accrued salaries at year-end amounted to $905.
Depreciation for the year on the equipment is $2,600.

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.