The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account Title Debits Credits Cash 31,100 Accounts receivable 14,000 Equipment 23,000 Accumulated depreciation 6,900 Salaries payable 8,000 Common stock 45,000 Retained earnings 8,200 Total 68,100 68,100 The following is a summary of the transactions for the year: a. Sales of services, $118,000, of which $35,400 was on credit. 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). e. Paid miscellaneous expenses, $23,200. f. Purchased equipment for $14,000 in cash. g. Paid $2,850 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $860. 2. Depreciation for the year on the equipment is $2,300. R equired: 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 fo r 2018. 7-b. Prepare a balance sheet as of Dec

Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transaction in the column next to the amount.)

what is income summary?