Lance Sedberry, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of January:

Required
1. Set up T-accounts for Cash, Accounts Receivable, Supplies, Equipment, Furniture,
Accounts Payable, Common Stock, Dividends, Service Revenue, Rent Expense, Utilities Expense, and Salary Expense.
2. Journalize the transactions. Explanations are not required.
3. Post to the T-accounts. Key all items by date and denote an account balance on January 31 as Bal.
4. Prepare a trial balance at January 18.

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Jan. 2 Received $5,000 cash from Sedberry, and issued common stock to him Paid monthly office rent, $500. Paid cash for a Dell computer, $3,000, with the computer expected to remain in service for 5 years. Purchased office furniture on account, $6,000, with the furniture pro 2 3 4 Purchased supplies on account, $900. 12 18 of $800. Paid utility expenses, $200. Performed consulting service for a client on account, $1,700. Received $900 in advance for tax work to be performed over the next 30 days. Jan. 21 21 Hired a secretary to be paid on the 15th day of each month 26 Paid $900 on account. 28 Collected $600 on account. 31 Declared and paid dividends of $1,000.