Problem 2: Prepare journal entries, post them to t-accounts, and prepare a trial balance. From the trial balance, prepare an income statement and balance sheet 1. The Salem Corporation was established with $ 10,000 in cash and a building with a fair value of $ 22,000 2. Collected rents $ 2,400 3. Paid insurance $ 850 4. Paid electric bill $ 240 5. Paid salaries, $ 350 6. Purchased supplies on account $ 800 7. Borrowed $ 15,000 from a bank and signed a note 8. Withdrew $ 300 for personal use 9. Provided services on account for $ 3,000 10. Paid $ 300 on account from transaction # 6