1. Prepare closing entries, and then post to the T-accounts

2. Prepare a post-closing trial balance.

The following is a summary of the transactions for the year: a. Provided services, $130,000, of which $39,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $26,200. c. Issued shares of common stock in exchange for $15,000 in cash. d. Paid salaries, $47,500 (of which $9,500 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $25,600. f. Purchased equipment for $17,500 in cash. g. Paid $3,150 in cash dividends to shareholders. Additional information: h. Accrued salaries at year-end amounted to $950