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

Account Title	Debits		Credits
Cash	30,000
Accounts receivable	15,000
Equipment	20,000
Accumulated depreciation			6,000
Salaries payable			9,000
Common stock			40,500
Retained earnings			9,500
Total	65,000		65,000

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

1. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash.
2. Collected on accounts receivable, $27,300.
3. Issued shares of common stock in exchange for $10,000 in cash.
4. Paid salaries, $50,000 (of which $9,000 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $24,000.
6. Purchased equipment for $15,000 in cash.
7. Paid $2,500 in cash dividends to shareholders.

1. Accrued salaries at year-end amounted to $1,000.
2. Depreciation for the year on the equipment is $2,000.

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.

Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2 5 and 8 Req3 Reg 4 Req 6 Req ZA Req 7B 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 Credit a Cash Accounts receivable Service revenue Debit 100,000 X 30,000 100,000 2 b. 27,300 Cash Accounts receivable 27,300 C. 10,000 Cash Common stock >> 10,000 4 d. Salaries expense Salaries payable Cash 41,000 9,000 OO 50,000 01 e. 24,000 Miscellaneous expense Cash 24,000 6 f. 15,000 Equipment Cash 15,000 7 g 2,500 Retained earnings Cash 2,500 8 h. 1,000 Salaries expense Salaries payable 1,000 9 i. > 2,000 Depreciation expense Accumulated depreciation 2.000 10 L. Service revenue 100,000 100,000 11 k. 68,000 Retained earnings Salaries expense Miscellaneous expense Depreciation expense OOOO 42,000 24,000 2,000 12 - 32,000 Retained earnings Retained earnings 32,000 X Post the transactions, adjusting and closing entries into the appropriate t-accounts. (Enter the letter of the transact to the amount.) Beg. bal. a Beg. bal a. Accounts Receivable 15,000 30,000 27,300 d. b. b Cash 30,000 70,000 50,000 27,300 24,000 10,000 15,000 2,500 45,800 e. C. f. 9 End. bal. End, bal 17,700 Beg. bal. f. Equipment 20,000 15,000 Beg. bal. Adjusting Accumulated Depreciation 6,000 2,000 End. bal. 35,000 End. bal. 8,000 Beg. bal. Salaries Payable 9,000 1,000 Beg. bal. Common Stock 40,500 10,000 Adjusting C. End, bal. 10,000 End. bal. 50,500 Dividends Retained Earnings 9,500 2,500 32,000 Beg. bal. Closing Beg. bal. 9. End. bal. 39,000 End. bal. Credits $ 6,000 KARLIN COMPANY Unadjusted Trial Balance Account Title Debits Cash $ 45,800 Accounts receivable 17,700 Equipment 35,000 Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense 41,000 Miscellaneous expenses 24,000 Totals $ 163,500 50,500 7,000 100,000 $ 163,500 Credits $ "KARLIN COMPANY Adjusted Trial Balance Account Title Debits Cash $ 45,800 Accounts receivable 17,700 Equipment 35,000 Accumulated depreciation Salaries payable Common stock Retained earnings Dividends Service revenue Salaries expense 42,000 Miscellaneous expenses 24,000 Depreciation expense 2,000 Totals $ 166,500 8,000 1,000 50,500 7,000 100,000 $ 166,500