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, $138,000, of which $41,400 was on account and the balance was receivet in cash. b. Collected on accounts recelvable, $27,400. c. Issued shares of common stock in exchange for $17,000 in cash. d. Paid salaries, $50,500 (of which $10,500 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $27,200. f. Purchased equipment for $19,500 in cash. 9. Paid $3,350 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $1,010. 1. Depreciation for the year on the equipment is $3,300. Required: 1 to 3. Prepare a general joumal 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. 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, $138,000, of which $41,400 was on account and the balance was receivet in cash. b. Collected on accounts recelvable, $27,400. c. Issued shares of common stock in exchange for $17,000 in cash. d. Paid salaries, $50,500 (of which $10,500 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $27,200. f. Purchased equipment for $19,500 in cash. 9. Paid $3,350 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $1,010. 1. Depreciation for the year on the equipment is $3,300. Required: 1 to 3. Prepare a general joumal 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
