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

Account Title	Debits		Credits
Cash	28,400
Accounts receivable	18,500
Equipment	32,000
Accumulated depreciation			9,600
Salaries payable			10,250
Common stock			49,500
Retained earnings			9,550
Total	78,900		78,900

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

1. Service revenue, $136,000, of which $40,800 was on account and the balance was received in cash.
2. Collected on accounts receivable, $27,100.
3. Issued shares of common stock in exchange for $16,500 in cash.
4. Paid salaries, $49,750 (of which $10,250 was for salaries payable at the end of the prior year).
5. Paid miscellaneous expense for various items, $26,800.
6. Purchased equipment for $19,000 in cash.
7. Paid $3,300 in cash dividends to shareholders.
8. Accrued salaries at year-end amounted to $995.
9. Depreciation for the year on the equipment is $3,200.

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.

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