The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 30,500 15,000 25,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 7,500 8,500 46,000 8,500 70,500 70,500 The following is a summary of the transactions for the year: a. Service revenue, $122,000, of which $36,600 was on account and the balance was received in cash. b. Collected on accounts receivable, $25,000. c. Issued shares of common stock in exchange for $13,000 in cash. d. Paid salaries, $44,500 (of which $8,500 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $24,000. f. Purchased equipment for $15,500 in cash. g. Paid $2,950 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $890. 2. Depreciation for the year on the equipment is $2.500. 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. Complete this question by entering your answers in the tabs below. Req 25 and 8 Reg 3 Reg 4 Reg 6 Req 7A Reg 7B Reg 9 Req 2 5 and 8 Reg 3 Reg 4 Reg 6 Reg 7A Reg 78 Reg 9 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 Cash 85.400 Accounts receivable 36.800 Service revenue 122,000 OO 2 b. Cash 25.000 olo Accounts receivable 25.000 3 13,000 Cash Common stock pl 13.000 4 d. Salaries expense Salaries payable Cash 38,000 8.500 O 44,500 5 e Miscellaneous expense 24.000 00 Cash 24,000 6 15,500 Equipment Cash Blo 15.500 7 9 Dividends 2.950 Cash 2.950 8 h. 890 Salaries expense Salaries payable 890 > 9 i 2.500 Depreciation expense Accumulated depreciation 2.500 10 Service revenue Complete this question by entering your answers in the tabs below. Req 25 and 8 Req3 Reg 4 Reg 6 Req 7A Reg 7B Reg 9 Prepare an income statement for 2021. KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue $ 122,000 Salaries expense Miscellaneous expense Depreciation expense 36.890 24,000 2,500 Total operating expenses Net income 63,390 58,610 $ Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2 5 and 8 Reg 3 Reg 4 Reg 6 Req 7A Req 7B Reg 9 Prepare a balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) KARLIN COMPANY Balance Sheet December 31, 2021 Assets Current assets Cash s 66.950 Accounts receivable 26,600 Total current assets 93,550 IS Equipment Accumulated depreciation OO 40.500 (10.000) Total assets 124.050 Liabilities and Shareholders' Equity IS 890 890 Current liabilities Salaries payable Total current liabilities Shareholders' equity Common stock Retained earnings OOOO IS 59,000 32,000 X IS Total shareholders' equity Total liabilities and shareholders' equity 91,000 91.890 S Prepare a post-closing trial balance. KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Credits Cash $ 66,950 Accounts receivable 26,600 Equipment 40,500 Accumulated depreciation $ 10,000 Salaries payable 890 Common stock 59,000 Retained earnings Service revenue Salaries expense Miscellaneous expenses Depreciation expense Totals $ 134,050 $ 69,890 Complete this question by entering your answers in the tabs below. Reg 2 5 and 8 Reg 3 Reg 4 Reg 6 Req 7A Reg 7B Reg 9 Prepare an adjusted trial balance. Credits KARLIN COMPANY Adjusted Trial Balance Account Title Debits Cash $ 66,950 Accounts receivable 26,600 Equipment 40,500 Accumulated depreciation Salaries payable Common stock Retained earnings Dividends 2.950 Service revenue Salaries expense 36,890 Miscellaneous expenses 24.000 Depreciation expense 2,500 Totals $ 200,390 10,000 890 59,000 8,500 122,000 $ 200,390