follow the steps. You must do this assignment in Excel. Ideally, you should have separate tabs for each step that you complete.

The general ledger of the Karlin Company, a consulting company, at January 1,2021 , contained the following account balances: The following is a summary of the transactions for the year: a. Service revenue, $102,000, of which $30,600 was on account and the balance was received in cash. b. Collected on accounts receivable, $22,000. c. Issued shares of common stock in exchange for $7,500 in cash. d. Paid salaries, $37,000 (of which $6,000 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $20,000. f. Purchased equipment for $10,000 in cash. g. Paid $2,425 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $740. 2. Depreciation for the year on the equipment is $1,500. Required: Follow the accounting processing cycle and work through the following items: 1. Record the above transactions in the journal. (Hint: This is where you create your journal entries.) 2. Prepare an unadjusted trial balance and enter the unadjusted balances into T-accounts. 3. Prepare and post the adjusting entries to the appropriate T-accounts. 4. Prepare an adjusted trial balance. 5. Prepare an income statement for 2021. 6. Prepare a balance sheet as of December 31, 2021. 7. Prepare a statement of shareholders' equity as of December 31,2021 8. Prepare and post the closing entries. 9. Prepare a post-closing trial balance