credit assignment #1 i Common stock Retained earnings Total 48,000 9,100 75,300 75,300 assignment #1-Connect 2005 I B Saved Yea ts eBook Print References The following is a summary of the transactions for the year: a. Service revenue, $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. 1. Accrued salaries at year-end amounted to $950. 2. Depreciation for the year on the equipment is $2,900. 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. The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following accoun Account Title Cash Accounts receivable Debits Credits 29,300 17,000 Equipment 29,000 Accumulated depreciation 8,700 Salaries payable 9,500 Common stock 48,000 Retained earnings 9,100 ok Total 75,300 75,300 int rences The following is a summary of the transactions for the year: a. Service revenue, $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. 1. Accrued salaries at year-end amounted to $950. 2. Depreciation for the year on the equipment is $2,900. 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