Braeden Miller opened an accounting firm on January 1, 2016. During the month of January, the business completed the following transactions:

Jan 1 The business sold $55.000 of common stock to open the firm.

Miller & Associates. Inc.

3 Purchased supplies, $100, and furniture, $1200, on account.

5 Performed accounting service for a client and received cash, $3.000.

8 Paid cash to acquire land for a future office site, $24,000.

11 Prepared tax returns for a client on account, $2.700.

14 Paid assistants salary, $650

16 Paid $1,150 on account.

19 Received $2500 cash for accounting services performed.

23 Billed a client for $1,300 of accounting services.

28 Received $300 from client on account.

31 Paid assistants salary, $650.

31 Paid rent expense, $1,700

31 Paid $1,100 of dividends

Requirements

1. Open or set up the following T-accounts: Cash, Accounts Receivable, Supplies, Furniture, Land, Accounts Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, and Rent Expense.

2. Journalize transactions. Explanations are not required.

3. Post the transactions to the T-accounts, using transaction dates as posting references.

4. Calculate the balance in each account at January 31, 2016.

5. Prepare the trial balance for Miller & Associates, Inc., at January 31, 2016?