The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total Debits Credits 29,300 17,000 29,000 8,700 9,500 48,000 9, 100 75,300 75,300 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. Req 2 5 and 8 Reg 3 Req 4 Reg 6 Req 7A Req 7B Req9 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.) No Transaction General Journal Credit 1 a.. Cash Accounts receivable Service revenue Debit 91,000 39,000 130,000 2 b. Cash 26,200 Accounts receivable 26,200 3 . c. 15,000 Cash Common stock 15,000 4 d. Salaries payable Salaries expense Cash 9,500 38,000 47,500 5 e. Miscellaneous expense 25,600 Cash 25,600 6 f. 17,500 Equipment Cash 17,500 7 g. 3,150 Dividends Cash 3,150 8 h. 950 Salaries expense Salaries payable 950 9 i. 2,900 Depreciation expense Accumulated depreciation 2,900 Common stock > 15,000 4 d. Salaries payable Salaries expense Cash 9,500 38,000 47,500 5 e. 25,600 Miscellaneous expense Cash > 25,600 6 f. 17,500 Equipment Cash 17,500 7 g. 3,150 Dividends Cash 3,150 8 h. 950 Salaries expense Salaries payable >> 950 9 i. 2,900 Depreciation expense Accumulated depreciation 2,900 10 j. 130,000 Service revenue Retained earnings 130,000 11 k. 67,450 Retained earnings Salaries expense Miscellaneous expense Depreciation expense OOO 38,950 25,600 2,900 12 I. 3,150 Retained earnings Dividends 3,150 Req 25 and 8 Req3 > Req 2 5 and 8 Req3 Req 4 Reg 6 Req 7A Req 7B Req9 Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the column next to the amount.) Beg. bal. a. Cash 29,300 91,000 26,200 15,000 Beg. bal. a. Accounts Receivable 17,000 39,000 26,200 d. b. b. e. 47,500 25,600 17,500 3,150 C. f. g. End. bal. 67,750 End. bal. 29,800 Beg. bal. Equipment 29,000 17,500 Beg. bal. Accumulated Depreciation 8,700 2,900 Adjusting f. End. bal. 46,500 End. bal. 11,600 Salaries Payable 9,500 9,500 950 Beg. bal. d. Beg. bal. Common Stock 48,000 15,000 Adjusting C. End. bal. 950 End. bal. 63,000 Dividends Retained Earnings 9,100 3,150 62,550 Closing Beg. bal. Beg. bal. Closing 0 g. 3,150 3,150 Closing End. bal. 68,500 End. bal. Dividends Retained Earnings 9,100 3,150 62,550 Beg. bal. Beg. bal. Closing 0 Closing g. 3,150 3,150 Closing End. bal. 68,500 End. bal. Service Revenue 0 Beg. bal. Beg. bal. Closing Miscellaneous expense 0 25,600 25,600 130,000 130,000 a. e. Closing End. bal. End. bal. Salaries Expense Beg. bal. Adjusting Depreciation Expense 0 2,900 2,900 Closing Beg. bal. d. Adjusting 38,950 Closing 38,000 950 End. bal. End. bal.