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 2 5 and 8 Req3 Req 4 Req 6 Req 7A Req ZB Req 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.) View transaction list View journal entry worksheet X No Transaction General Journal Debit Credit 1 a.. Accounts receivable 36,600 85,400 Cash Service revenue 122,000 2 b. Cash 25,000 Accounts receivable 25,000 3 C. Cash 13,000 Common stock 13,000 4 d. Salaries payable 8,500 Salaries expense 36,000 44,500 Cash 5 e. Miscellaneous expense 24,000 Cash 24,000 6 f. 15,500 Equipment Cash 15,500 7 g. Dividends 2,950 Cash 2,950 7 g. 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 j. No journal entry required 11 k. No journal entry required 12 I. No journal entry required Req 2 5 and 8 Req3 > Reg 2 5 and 8 Req3 Reg 4 Reg 6 Req 7A Req 7B Req 9 Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transaction in the column next to the amount.) Cash Accounts Receivable Beg. bal. 30,500 Beg. bal. 15,000 End. bal. 30,500 End. bal. 15,000 Equipment 25,000 Accumulated Depreciation 7,500 Beg. bal. Beg. bal. End. bal. 25,000 End. bal. 7,500 Salaries Payable 8,500 Common Stock 46,000 Beg. bal. Beg. bal. End. bal. 8,500 End. bal. 46,000 Dividends Retained Earnings 8,500 Beg. bal. Beg. bal. 0 End. bal. 8,500 End. bal. Service Revenue Miscellaneous expense Beg. bal. 0 Beg. bal. 0 End. bal. End. bal. Salaries Expense Depreciation Expense 0 Beg. bal. Beg. bal. End. bal. End. bal. Complete this question by entering your answers in the tabs below. Req 2 5 and 8 Req3 Req 4 Req 6 Req 7A Req 7B Reg 9 Prepare an unadjusted trial balance. Credits KARLIN COMPANY Unadjusted Trial Balance Account Title Debits Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense Miscellaneous expenses Totals $ 0 $ 0 Reg 3 Req 6 > Complete this question by entering your answers in the tabs below. Req 25 and 8 Req3 Req 4 Reg 6 Req 7A Reg 7B Req 9 Prepare an adjusted trial balance. KARLIN COMPANY Adjusted 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 Depreciation expense Totals $ 0 $ 0 Reg 4 Req 7A Complete this question by entering your answers in the tabs below. Req 2 5 and 8 Req 3 Req 4 Req 6 Req 7A Req 7B Req 9 Prepare an income statement for 2021. KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 ACCOUnts payable Accounts receivable Accumulated depreciation Advertising expense Allowance for uncollectible accounts 0 Buildings 0 Req 6 Req 7B KARLIN COMPANY Balance Sheet December 31, 2021 Assets Accounts payable 0 Accounts receivable Accumulated depreciation Advertising expense 0 Liabilities and Shareholders' Equity 0 0 $ 0 Complete this question by entering your answers in the tabs below. Req 25 and 8 Req3 Req 4 Req 6 Req 7A Req 7B Reg 9 Prepare a post-closing trial balance. 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 Req 7B Regg