4.

The general ledger of the Karlin Company, a consulting company, at January 1, 2016, contained the following account balances:

Account Title	Debits	Credits
Cash	29,000
Accounts receivable	17,500
Equipment	30,000
Accumulated depreciation		9,000
Salaries payable		9,750
Common stock		48,500
Retained earnings		9,250
Total	76,500	76,500

The following is a summary of the transactions for the year:

a.	Sales of services, $132,000, of which $39,600 was on credit.
b.	Collected on accounts receivable, $26,500.
c.	Issued shares of common stock in exchange for $15,500 in cash.
d.	Paid salaries, $48,250 (of which $9,750 was for salaries payable).
e.	Paid miscellaneous expenses, $26,000.
f.	Purchased equipment for $18,000 in cash.
g.	Paid $3,200 in cash dividends to shareholders.

1.	Accrued salaries at year-end amounted to $965.
2.	Depreciation for the year on the equipment is $3,000.

Required information

Required:

2., 5, & 8.

Prepare the summary, adjusting and closing entries for each of the transactions listed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)