Braeden Miller opened an accounting firm on January 1, 2018. 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, $1,200, 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 assistant’s salary, $650.
16 Paid $1,150 on account.
19 Received $2,500 cash for accounting services performed.
23 Billed a client for $1,300 of accounting services.
28 Received $300 from client on account.
31 Paid assistant’s 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, Land, Furniture, 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 the transaction dates as posting references.

4. Calculate the balance in each account at January 31, 2018.

5. Prepare the trial balance for Miller & Associates, Inc., at January 31, 2018.