The general ledger of the Karlin Company, a consulting company, at January 1, 2024, contained the following account balances: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits $ 31,100 Credits 14,000 23,000 $ 6,900 8,000 45,000 8,200 $ 68,100 $ 68,100 The following is a summary of the transactions for the year: a. Provided services, $118,000, of which $35,400 was on account and the balance was received in cash. b. Collected on accounts receivable, $24,400. c. Issued shares of common stock in exchange for $12,000 in cash. d. Paid salaries, $43,000 (of which $8,000 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $23,200. f. Purchased equipment for $14,000 in cash. g. Paid $2,850 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $860. I. Depreciation for the year on the equipment is $2,300. 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. Req 1 to 3 Req 4 Req 5 Req 6 Req 7A Req 7B Req 8 T accounts Req 9 Prepare a balance sheet as of December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. KARLIN COMPANY Balance Sheet December 31, 2024 Assets Current assets: Cash Accounts receivable Total current assets Property and equipment: Equipment $ 37,000 $ 67,050 25,000 92,050 37,000 Total assets $ 129,050 Liabilities and Shareholders' Equity Current liabilities: Salaries payable Total current liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity $ 8,000 8,000 0 $ 8,000 < Req 7A Req 8 > Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 Req 5 Req 6 Req 7A Req 78 Req 8 T accounts Req 9 Post the transactions, adjusting and closing entries into the appropriate T-accounts. Note: Enter the letter of the transaction in the column next to the amount. Beginning balance Cash 31,100 Accounts Receivable Beginning balance 14,000 Ending balance 31,100 Ending balance 14,000 Beginning balance Equipment 23,000 Accumulated Depreciation Beginning balance 6,900 Ending balance 23,000 Ending balance 6,900 Salaries Payable Common Stock Beginning balance 8,000 Beginning balance 45,000 Ending balance 8,000 Ending balance Retained Earnings Dividends Beginning balance 8,200 Beginning balance Ending balance Service Revenue. Beginning balance 45,000 8,200 Ending balance Miscellaneous expense Beginning balance Ending balance Ending balance Depreciation Expense Salaries Expense Beginning balance Beginning balance Ending balance Ending balance < Req 8 Req9 > Prepare a post-closing trial balance. KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals $ 0 $ 0 < T accounts