Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Share Capital, Dividends, Service Revenue, Salary Expense, and Rent Expense.

Record the following transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. Calculate the account balances and denote as Bal.

a. In the month of May 2020 , Sonia Rothesay opened an accounting firm by investing \(\$ 10,000\) cash and office furniture valued at \(\$ 5,000\). Organized as a professional corporation, the business issued common shares to Rothesay.

b. Paid monthly rent of \(\$ 1,600\).

c. Purchased office supplies on account, \(\$ 600\).

d. Paid employees' salaries of \(\$ 2,000\).

e. Paid \(\$ 200\) of the account payable created in transaction (c).

f. Performed accounting service on account, \(\$ 12,100\).

g. Declared and paid dividends of \(\$ 2,000\).