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