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The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Debits Credits Cash 30,000 Accounts receivable 15,000 Equipment 20,000 Accumulated depreciation 6,000 9,000 Salaries payable Common stock 40,500 Retained earnings 9,500 Total 65,000 65,000 The following is a summary of the transactions for the year. a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300 c Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $24,000. f Purchased equipment for $15,000 in cash, g. Paid $2,500 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $1,000. 2 Depreciation for the year on the equipment is $2,000. Required: 2., 5, & 8. Prepare the summary, adjusting and closing entries for each of the transactions listed 3. Post the transactions, adjusting and closing entries into the appropriate t-accounts. 4. Prepare an unadjusted trial balance. 6. Prepare an adjusted trial balance. 7-a. Prepare an income statement for 2021. 7-b. Prepare a balance sheet as of December 31, 2021 9. Prepare a post-closing trial balance. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2 5 and 8 Reg 3, Req 4 Req6 Req 7A Req 78 Req 9 4 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.) 1 nts 2 3 4 5 6 7 8 9 10 11 12 b. C. d. 0. f. 9 h. k. 1. Service revenue Accounts receivable Common stock Salarios payable Salaries expense Cash Miscellaneous expense Cash Equipment Cash Dividends Cash Salaries expense Salarios payable Depreciation expense Cash Cash Accumulated depreciation Service revenue Retained earnings Retained earnings Salaries expense Miscellaneous expense Depreciation expense 4 Retained earnings Dividends 3 33 0 0 0 30 30 > > 30 4000 33 27,300 10,000 9,000 41,000 24,000 15,000 2,500 1,000 2,000 100,000 68,000 3 3 2,500 3 100,000 27,300 10,000 50,000 24,000 15,000 2,500 1,000 2,000 100,000 42,000 24,000 2,000 2,500 3 > w the amount. Beg., bal. a b. C. End, bal. Beg. bal. f. End. bal. Beg. bal. d. End. bal Beg. bal Closing End. bal. Beg. bal Closing End, bal. Cash 30,000 70,000 27,300 10,000 45,800 50,000 24,000 15,000 2,500 Equipment *** d. e. f. 9. 20,000 15,000 35,000 Salaries Payable 9,000 9,000 1,000 Adjusting 1,000 ained Earnings 9,500 68,000 100,000 Closing 41,500 Service Revenue 100,000 100,000 t a. 1000 > > Beg. bal a. End. bal. Beg. bal. End. bal. Beg. bal End. bal. Beg. bal. 9. End, bal. Beg. bal. e. End, bal. Accounts Receivable 15,000 30,000 17,700 Accumulated Depreciation 6,000 2,000 8,000 > 27,300 b. Common Stock 40,500 10,000 50,500 Dividends 2,500 2,500 Miscellaneous expense 24,000 24,000 Adjusting C. Closing 3 Beg. bal Closing End, bal. Beg. bal. Closing End, bal Beg. bal. Adjusting End. bal. Retained Earnings 9,500 68,000 100,000 41,500 Service Revenue 100,000 100,000 Depreciation Expense 2,000 2,000 Closing a. Closing > Beg. bal. 9. End, bal, Beg, bal e End, bal. Beg. bal d. Adjusting End. bal. Closing Closing Req 25 and 8 Req 3 Reg 4 Prepare an unadjusted trial balance. KARLIN COMPANY Unadjusted Trial Balance Account Title Debits Cash $ 45,800 Accounts receivable 17,700 Equipment 35,000 Accumulated depreciation Salaries payable Common stock Retained earnings Dividends 2500 Service revenue Salaries expense 41,000 Miscellaneous expenses 24,000 Totals $ 166,000 Req 6 Credits IS 6,000 50,500 9,500 100,000 $ 166,000 Req 9 Prepare an adjusted trial balance. Account Title Cash Accounts receivable. Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals KARLIN COMPANY Adjusted Trial Balance Debits $ 4 Credits $ 45,800 17,700 35,000 8,000 1,000 50,500 9,500 2,500 100,000 42,000 24,000 2,000 $ 169,000 $ 169,000 Prepare an income statement for 2021. KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue Operating expenses Salaries expense $ 42,000 Miscellaneous expense 24,000 Depreciation expense 2,000 Total operating expenses Net income $ 100,000 68,000 32,000 Current assets Cash Accounts receivable Total current assets Property and equipment Equipment Accumulated depreciation Total assets Current liabilities Salaries payable Total current liabilities Shareholders' equity Common stock Retained earnings KARLIN COMPANY Balance Sheet December 31, 2021 Assets Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity $ 50,500 39,000 sign.) Prepare a post-closing trial balance. KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Cash $ 45,800 Accounts receivable 17,700 Equipment 35,000 Accumulated depreciation Salries payable Common stock Retained earnings Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals $ 98,500 Credits 8,000 1,000 50,500 39,000 $ 98,500 $