The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Account Title Debits Credits
Cash 29,900
Accounts receivable 16,000
Equipment 27,000
Accumulated depreciation 8,100
Salaries payable 9,000
Common stock 47,000
Retained earnings 8,800
Total 72,900 72,900

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

a. Service revenue, $126,000, of which $37,800 was on account and the balance was received in cash.
b. Collected on accounts receivable, $25,600.
c. Issued shares of common stock in exchange for $14,000 in cash.
d. Paid salaries, $46,000 (of which $9,000 was for salaries payable at the end of the prior year).
e. Paid miscellaneous expense for various items, $24,800.
f. Purchased equipment for $16,500 in cash.
g. Paid $3,050 in cash dividends to shareholders.
h. Accrued salaries at year-end amounted to $920.
i. Depreciation for the year on the equipment is $2,700.

Required:
a. Prepare the summary, adjusting and closing entries for each of the transactions listed.
b. Post the transactions, adjusting and closing entries into the appropriate t-accounts.
c. Prepare an unadjusted trial balance.
d. Prepare an adjusted trial balance.
e. Prepare an income statement for 2021.
f. Prepare a balance sheet as of December 31, 2021.
g. Prepare a post-closing trial balance.