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

Account Title	Debits		Credits
Cash	29,000
Accounts receivable	17,500
Equipment	30,000
Accumulated depreciation			9,000
Salaries payable			9,750
Common stock			48,500
Retained earnings			9,250
Total	76,500		76,500

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

1. Service revenue, $132,000, of which $39,600 was on account and the balance was received in cash.
2. Collected on accounts receivable, $26,500.
3. Issued shares of common stock in exchange for $15,500 in cash.
4. Paid salaries, $48,250 (of which $9,750 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $26,000.
6. Purchased equipment for $18,000 in cash.
7. Paid $3,200 in cash dividends to shareholders.

1. Accrued salaries at year-end amounted to $965.
2. Depreciation for the year on the equipment is $3,000.

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.