Question

I'm not sure what goes in the Retained Earnings under the T-account. I'd tried crediting 32000 for the closing entry and it is still wrong. Then I am also not sure what goes in the entry under 2500 debit. The unadjusted trial balance for the salaries payable I put in 0 and was wrong; same when I left it blank.
The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances: Credits Debits 30,000 15,000 20,000 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 6,000 9,000 40,500 9,500 65,000 65,000 The following is a summary of the transactions for the year: a. Service revenue, $100,000, of which $30,000 was on account and the balance was received in cash. b. Collected on accounts receivable, $27,300. c. Issued shares of common stock in exchange for $10,000 in cash. d. Paid salaries, $50,000 (of which $9,000 was for salaries payable at the end of the prior year). e. Paid miscellaneous expense for various items, $24,000. f. Purchased equipment for $15,000 in cash. g. Paid $2,500 in cash dividends to shareholders. 1. Accrued salaries at year-end amounted to $1,000. 2. Depreciation for the year on the equipment is $2,000. 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.

Answer 1

Retained Earnings
Beg Balance		9500
Closing	2500	100000	Closing
Closing	68000
		39000

Under credit side, it is sum of revenues and on debit side, it is sum of expenses

In unadjusted trial , there will be no salaries payable, try to remove that row, or it will be zero