The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the...

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Accounting

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

Account Title Debits Credits
Cash 28,700
Accounts receivable 18,000
Equipment 31,000
Accumulated depreciation 9,300
Salaries payable 10,000
Common stock 49,000
Retained earnings 9,400
Total 77,700 77,700
The following is a summary of the transactions for the year:
Service revenue, $134,000, of which $40,200 was on account andthe balance was received in cash.
Collected on accounts receivable, $26,800.
Issued shares of common stock in exchange for $16,000 incash.
Paid salaries, $49,000 (of which $10,000 was for salariespayable at the end of the prior year).
Paid miscellaneous expense for various items, $26,400.
Purchased equipment for $18,500 in cash.
Paid $3,250 in cash dividends to shareholders.
Accrued salaries at year-end amounted to $980.
Depreciation for the year on the equipment is $3,100.

Required:
Post the transactions, adjusting and closing entries into theappropriate t-accounts.

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Journal entriesService revenue 134000 of which 40200 was on account and thebalance was received in cashDebit Cash 93800Debit Accounts receivable 40200Credit Service revenue 134000Collected on accounts receivable 26800Debit Cash 26800Credit Accounts receivable 26800Issued shares of common stock in See Answer

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Account Title	Debits	Credits
Cash	28,700
Accounts receivable	18,000
Equipment	31,000
Accumulated depreciation		9,300
Salaries payable		10,000
Common stock		49,000
Retained earnings		9,400
Total	77,700	77,700