[The following information applies to the questions displayed below.]

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

Account Title	Debits	Credits
Cash	32,900
Accounts receivable	11,000
Equipment	17,000
Accumulated depreciation		5,100
Salaries payable		6,500
Common stock		42,000
Retained earnings		7,300
Total	60,900	60,900

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

a.	Sales of services, $106,000, of which $31,800 was on credit.
b.	Collected on accounts receivable, $22,600.
c.	Issued shares of common stock in exchange for $8,500 in cash.
d.	Paid salaries, $38,500 (of which $6,500 was for salaries payable).
e.	Paid miscellaneous expenses, $20,800.
f.	Purchased equipment for $11,000 in cash.
g.	Paid $2,525 in cash dividends to shareholders.

1.	Accrued salaries at year-end amounted to $770.
2.	Depreciation for the year on the equipment is $1,700.

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.)

rev: 08_11_2016_QC_CS-56767

3.	Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transaction in the column next to the amount.)

Required information

6.	Prepare an adjusted trial balance.

7-a.	Prepare an income statement for 2016.

7-b.	Prepare a balance sheet as of December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

Required information

9.	Prepare a post-closing trial balance.