Question & Answer: Post the transactions, adjusting and closing entries into the appropriate t-accounts. (enter the letter of transaction in the…..

Post the transactions, adjusting and closing entries into the appropriate t-accounts. (enter the letter of transaction in the column next to the amount). The general ledger of the Karin Company a consulting company at January 1, 2016, contained following account balances: The following is a summary of the transactions for the year: a. Sales of services, $122,000 of which $36,600 Was on credit. b. Collected on accounts receivable, $25,000. c Issued shares of common stock in exchange for $13,000 in cash. d. Paid salaries $44,500 (of which $8,500 was for salaries payable). e. Paid miscellaneous expenses, $24,000. f. Purchased equipment for $15,500 in cash. g. Paid $2,950 in cash dividends to shareholders. 1. Accrued salaries at year end amounted to $890. 2. Depreciation for the year on the equipment is $2,500.