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Problem 2-6 (Algo) Accounting cycle [LO2-3, 2-4, 2-5, 2-6, 2-7, 2-8] 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, $120,000, of which $36,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $24,700. c. Issued shares of common stock in exchange for $12,500 in cash. d. Paid salaries, $43,750 (of which $8,250 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $23,600. f. Purchased equipment for $14,500 in cash. g. Paid $2,900 in cash dividends to shareholders. 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. Prepare a general journal entry for each of the summary transactions listed. Record beginning balances in the T-accounts (on the Taccounts tab). Post the journal entries to the T-accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 34567 Provided services, $120,000, of which $36,000 was on account and the balance was received in cash. Note: Enter debits before credits

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