he general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:

Account Title	Debits		Credits
Cash	31,100
Accounts receivable	14,000
Equipment	23,000
Accumulated depreciation			6,900
Salaries payable			8,000
Common stock			45,000
Retained earnings			8,200
Total	68,100		68,100

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

1. Service revenue, $118,000, of which $35,400 was on account and the balance was received in cash.
2. Collected on accounts receivable, $24,400.
3. Issued shares of common stock in exchange for $12,000 in cash.
4. Paid salaries, $43,000 (of which $8,000 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $23,200.
6. Purchased equipment for $14,000 in cash.
7. Paid $2,850 in cash dividends to shareholders.

1. Accrued salaries at year-end amounted to $860.
2. Depreciation for the year on the equipment is $2,300.

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.

No	Transaction	General Journal	Debit	Credit
1	a..	Accounts receivable	35,400
		Cash	82,600
		Service revenue		118,000
2	b.	Cash	24,400
		Accounts receivable		24,400
3	c.	Cash	12,000
		Common stock		12,000
4	d.	Salaries payable	8,000
		Salaries expense	35,000
		Cash		43,000
5	e.	Miscellaneous expense	23,200
				23,200
6	f.	Equipment	14,000
		Cash		14,000
7	g.	Dividends	2,850
		Cash		2,850
8	h.	Salaries expense	860
		Salaries payable		860
9	i.	Depreciation expense	2,300
		Accumulated depreciation		2,300
10	j.	Service revenue	118,000
		Retained earnings		118,000
11	k.	Retained earnings
		Salaries expense
		Miscellaneous expense
		Depreciation expense		2,300

Journal entry worksheet