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

Account Title	Debits		Credits
Cash	28,700
Accounts receivable	18,000
Equipment	31,000
Accumulated depreciation			9,300
Salaries payable			10,000
Common stock			49,000
Retained earnings			9,400
Total	77,700		77,700

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

1. Service revenue, $134,000, of which $40,200 was on account and the balance was received in cash.
2. Collected on accounts receivable, $26,800.
3. Issued shares of common stock in exchange for $16,000 in cash.
4. Paid salaries, $49,000 (of which $10,000 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $26,400.
6. Purchased equipment for $18,500 in cash.
7. Paid $3,250 in cash dividends to shareholders.

1. Accrued salaries at year-end amounted to $980.
2. Depreciation for the year on the equipment is $3,100.

Required: Post the transactions, adjusting and closing entries into the appropriate t-accounts.