Sean Huffman, Certified Public Accountant, operates as a professional corporation (P.C.). Te business completed these transactions during the first part of January 2014:

Jan 2 Received $11,000 cash from Huffman, and issued common stock to him.

2 Paid monthly office rent, $700.

3 Paid cash for a Dell computer, $3,900, with the computer expected to remain in service for five years.

4 Purchased office furniture on account, $4,700, with the furniture projected to last for five years.

5 Purchased supplies on account, $400.

9 Performed tax services for a client and received cash for the full amount of $1,000.

12 Paid utility expenses, $200.

18 Performed consulting services for a client on account, $1,500.

Requirements

1. Journalize the transactions. Explanations are not required.

2. Post to the T-accounts. Key all items by date and determine the ending balance in each account. Denote an account balance on January 18, 2014, as Bal.

3. Using Excel, prepare a trial balance at January 18, 2014. In the Serial Exercise of Chapter 3, we add transactions for the remainder of January and will require a trial balance at January 31.