• The general ledger of Karlin Company, a consulting firm, as of 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 Profits retained 8,650 Total 71,700 71,700 The following is a summary of the year's transactions: Sales of services, $124,000, of which $37,200 were on credit. Collected in accounts receivable, $25,300. Issued common stock in exchange for $13,500 in cash. Wages paid, $45,250 (of which $8,750 is wages payable). Miscellaneous expenses paid, $24,400. Equipment purchased for $16,000 cash. Paid $3,000 in cash dividends to shareholders. The accumulated salaries at the end of the year amounted to $905. The depreciation for the year of the equipment is $2,600.

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• Required:  

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• Prepare summary, adjusting, and closing entries for each of the transactions listed.

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• Post the transactions, adjusting and closing entries in the corresponding t-accounts.

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• Prepare an unadjusted trial balance.

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• Prepare an adjusted trial balance. 

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• Prepare an income statement for the year 2018.

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• Prepare a balance sheet as of December 31, 2018.

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• Prepare a post-closing trial balance.