The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 32,000 12,500 20,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 6,000 7,250 43,500 7,750 64,500 64,500 The following is a summary of the transactions for the year: a. Service revenue, $112,000, of which $33,600 was on account and the balance was received in cash. b. Collected on accounts receivable, $23,500. c. Issued shares of common stock in exchange for $10,500 in cash. d. Paid salaries, $40,750 (of which $7,250 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $22,000. f. Purchased equipment for $12,500 in cash. g. Paid $2,700 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $815. 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. Cash Accounts Receivable Beg. bal. 32,000 Beg. bal. 12,500 a. d. a. b. b. e. C. f. g. End. bal. 32,000 End. bal. 12,500 Equipment 20,000 Accumulated Depreciation 6,000 Beg. bal. Beg. bal. If. g. End. bal. 20,000 End. bal. 6,000 Common Stock Salaries Payable 7,250 Beg. bal. Beg. bal. 43,500 d. c. End. bal. 7,250 End. bal. 43,500 Dividends Retained Earnings 7,750 Beg. bal. Beg. bal. 0 End. bal. 7,750 End. bal. Service Revenue Miscellaneous expense Beg. bal. 0 Beg. bal. 0 End. bal. End. bal. Depreciation Expense Salaries Expense Beg. bal. 0 Beg. bal. End. bal. End. bal. KARLIN COMPANY Unadjusted Trial Balance Account Title Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Miscellaneous expenses Totals $ $ 0 $ 0 KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 0 $ 0 KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 0 $ 0 KARLIN COMPANY Balance Sheet December 31, 2021 Assets 0 0 Liabilities and Shareholders' Equity 0 0 $ 0 KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals $ 0 $ 0