The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 29,300 17,000 29,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings 8,700 9,500 48,000 9, 100 75,300 Total 75,300 The following is a summary of the transactions for the year: a. Service revenue, $130,000, of which $39,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $26,200. C. Issued shares of common stock in exchange for $15,000 in cash. d. Paid salaries, $47,500 (of which $9,500 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $25,600. f. Purchased equipment for $17,500 in cash. g. Paid $3,150 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $950. 2. Depreciation for the year on the equipment is $2,900. 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. X Answer is not complete. Retained Earnings Beg. bal. 9,100 Closing 3,150 0X Closing Closing 67,450 0 0 0 End. bal. 61,500 KARLIN COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue $ 130,000 Operating expenses Salaries expense 38,950 Miscellaneous expense 25,600 Depreciation expense 2,900 Interest expense x 0 Note payable x 0 Total operating expenses 67,450 Net income $ 62,550 KARLIN COMPANY Post-Closing Trial Balance Account Title Debits Credits Cash $ 67,750 Accounts receivable 29,800 Equipment 46,500 Accumulated depreciation $ 11,600 Salaries payable 950 Common stock 63,000 Retained earnings 68,500 Service revenue 0 x Salaries expense 0 x Miscellaneous expenses 0 x Depreciation expense 0 X Totals $ 144,050 $ 144,050 December 31, 2021 Assets Current assets Cash $ 67,750 Accounts receivable 29,800 Total current assets 97,550 Property and equipment Equipment $ 46,500 Accumulated depreciation (11,600) Total assets 132,450 Liabilities and Shareholders' Equity Current liabilities Salaries payable $ 950 Total current liabilities 950 Shareholders' equity Common stock $ 63,000 Retained earnings 68,500 Salaries payable 0 Total shareholders' equity 131,500 Totallichilities and choroboldorol menit 122 150