Teddy Sargent opened an accounting firm on May 1, 2010. During the month of May, the business completed the following transactions:

Requirements 1. Open, or set up, the following T-accounts: Cash, Accounts Receivable, Supplies, Furniture, Land, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent Expense.
2. Journalize transactions. Explanations are not required.
3. Post the transactions to the T-accounts that have been set up for you, using transaction dates as posting references.
4. Calculate the balance in each account.
5. Prepare the trial balance for Sargent & Associates, Inc., at the end of May.

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May 1 The business sold $80,000 of stock to open the firm, Sargent & Associates, Inc. 3 Purchased supplies, $500, and furniture, $1,200, on account. 5 8 11 14 Performed accounting service for a client and received cash, $2,700. Paid cash to acquire land for a future office site, $22,000. Prepared tax returns for a client on account, $2,500. Paid assistant's salary, $1,200. 16 Paid for the furniture purchased May 3 on account. Received $700 cash for accounting services performed. Billed a client for $1,300 of accounting services. 19 23 28 Received $400 from client on account. Paid secretary's salary, $1,200. 31 Paid rent expense, $1,700. 31 Paid $1,200 of dividends.