Selected transactions for Ling Couture during its first month in business are presented below.

Sept. 1 Shareholders invested NT$10,000 cash in the business in exchange for ordinary shares.

5 Purchased equipment for NT$14,000 paying NT$4,000 in cash and the balance on account.

25 Paid NT$3,000 cash on balance owed for equipment.

30 Declared and paid a NT$900 dividend.

Ling’s chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311

Share Capital—Ordinary, and No. 332 Dividends.

Instructions

a. Journalize the transactions on page J1 of the journal. (Omit explanations.)

b. Post the transactions using the standard account form.