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

Service revenue, $108,000, of which $32,400 was on account and the balance was received in cash.

Collected on accounts receivable, $22,900.

Issued shares of common stock in exchange for $9,000 in cash.

Paid salaries, $39,250 (of which $6,750 was for salaries payable at the end of the prior year).

Paid miscellaneous expense for various items, $21,200.

Purchased equipment for $11,500 in cash.

Paid $2,575 in cash dividends to shareholders.

Accrued salaries at year-end amounted to $785.

Depreciation for the year on the equipment is $1,800. Required: 2., 5, & 8.

1. 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.

The check is saying my answer is not complete. I am lost what else I need to do.

Reg 25 and Rea 3 Reg 4 Reg 6 Req 7A Reg 73 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 Debit Credit 1 2. Cash 75.600 32.400 OOO Accounts receivable lol Service revenue 108,000 2 b. Cash 22.900 lolo Accounts receivable 22.900 9.000 . lolo Common stock 9,000 4 d. Salaries expense Salaties payable Cash ololol 32.500 6.750 39.250 5 21.200 Miscellaneous expense Cash 90 21.200 6 1 Equipment 11,500 11.500 7 9 2.575 Dividends Cash 00 2.575 h. 785 Salaries expense Salaries payable OO 765 9 1.800 Depreciation expense Accumulated depreciation OO 1.800 10 i- 108.000 Service revenue Retained esmings 108.000 11 k. os OOOO 56 285 Retained earnings Salaries experise Miscellaneous experts Depreciation expense 33.285 21200 1.800 g 12 1. 2.575 Retained earnings Dividends ol 2.575 Reg 25 and a Red 3 Req4 Reg 6 Req 7A Rea 7B Regs Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of ti calumn next to the amount.) Cash Beg, bal Beg. bal Accounts Receivable 11.500 32.400 22.900 b. lololo 32 600 75.600 2.575 22.900 11.500 9,000 21200 39 250 65.575 OOOO C. End, tal End, bal 21.000 Equipment 18.000 11,500 Beg, bal F. Beg. bal Accumulated Depreciation 5.400 1,800 Adjusting End, bal 29.500 End, bal 7.200 Begal Beg, bal 10 Salarles Payable 8.750 6.750 785 Adjusting Common Stock 42.500 9,000 End.al 785 End. bal 51.500 Dividende Beg. bal 0 Beg. bal Closing Closing Retained Earning 7.450 2.575 100.000 56.285 lolo > Closing 9 2,575 2.575 Closing Erd, bal 56,590 End, bal Miscellaneous expense Service Revenue 0 Beg, bal Beg, tal 0 106,000 . 3 2120021200 IS Closing Clasing 100.000 End, bal End, bal Depreciation Expense 0 Salaries Expense Beg. bal. Beg, bal Adjusting 1.800 1.800 ON Closing d. 32.500 33.265 Closing End. bal Endbal 785 Credits IS KARLIN COMPANY Unadjusted Trial Balance Account Title Debite Cash $ 65,575 Accounts receivable 21,000 Equipment 29,500 Accumulated depreciation Salaries payablet Common stock Retained earnings Dividends 2.575 Service revenue Salaries expense 32,500 Miscellaneous expenses 21200 Totals S 172 350 5.400 0 61,500 7.450 sls 108,000 S 172.350 Credits KARLIN COMPANY Adjusted Trial Balance Account Title Debits Cash IS 65.575 Accounts receivable 21000 Equipment 29,500 Accumulated depreciation Salaries payablet Common stock Retained eamings Dividends 2575 Service revenue Salaries experie 33.265 Miscellaneous expenses 21.200 Depreciation expense 1.800 Totals $ 174.935 7.200 785 51,500 7.450 108,000 s 174.935 Prepare an income statement for 2021. KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue $ 100.000 Operating expenses Depreciation expense 1.800 Salaries expense 33 285 Miscellaneous experise 21200 56.285 $ 51.715 Prepare a balance sheet as of December 31, 2021. (Amounts to be deducted s KARLIN COMPANY Balance Sheet December 31, 2021 Assets Current assets Cash IS 85,575 Accounts receivable 21.000 88,575 Total current assets Property and equipment Equipment Accumulated depreciation S 29.500 (7,200) 108 875 S Total assets Llabilities and Shareholders' Equity Current liabilities Salaries payable Total current liabilities Shareholders' equity Common stock 51.500 Retained earings 56,590 785 785 Total shareholders' equity Total liabilities and shareholders' equity 106,090 108.875 3 Credits is KARLIN COMPANY Poat-Closing Trial Balance Account Title Debite Cash S 65.575 Accounts receivable 21,000 Equipment 29,500 Accumulated depreciation Salaries payable Common stock Retained earnings Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals S 116.075 7.200 785 51.500 58,590 S 116.075