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.

Additional information:

h$.$ Accrued salaries at year$-$end amounted to $$1,000.$

i$.$ Depreciation for the year on the equipment is $$2,000.$

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.

Using the T$-$account balances, prepare an unadjusted trial balance.

Prepare adjusting journal entries using the additional information provided. Post to the T$-$accounts $($on the T$-$accounts tab$).$

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 $31,2024.$

Prepare closing entries, and then post to the T$-$accounts $($on the T$-$accounts tab$).$

Prepare a post$-$closing trial balance$\mathrm{.}1$ 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.

Using the T$-$account balances, prepare an unadjusted trial balance.

Prepare adjusting journal entries using the additional information provided. Post to the T$-$accounts $($on the T$-$accounts tab$).$

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 $31,2024.$

Prepare closing entries, and then post to the T$-$accounts $($on the T$-$accounts tab$).$

Prepare a post$-$closing trial balance.

Complete this question by entering your answers in the tabs below.

Req $1$ to $3$

Prepare a balance sheet as of December $31,2024.$

Note: Amounts to be deducted should be indicated by a minus sign.