Carol Blake opened a real estate business and during a short period as an agent completed these business transactions:

a. Invested \(\$ 42,000\) in cash and office equipment with a \(\$ 6,000\) fair value in a real estate agency she called Blake Realty.

b. Purchased land valued at \(\$ 30,000\) and a small office building valued at \(\$ 105,000\), paying \(\$ 35,000\) cash and signing a note payable to pay the balance over a period of years.

c. Purchased office supplies on credit, \(\$ 60\).

d. Carol Blake contributed her personal automobile, which had a \(\$ 7,200\) fair value, for exclusive use in the business.

e. Purchased additional office equipment on credit, \(\$ 720\).

f. Paid the office secretary's salary, \(\$ 600\).

g. Sold a house and collected an \(\$ 8,500\) cash commission on the sale.

h. Paid \(\$ 150\) for newspaper advertising that had appeared.

i. Paid for the supplies purchased on credit in transaction (c).

j. Purchased a new typewriter for the business, paying \(\$ 840\) cash plus an old typewriter carried in the accounting records at \(\$ 140\).

\(k\). Completed a real estate appraisal on credit and billed the client \(\$ 210\) for the appraisal.

l. Paid the secretary's salary, \(\$ 600\).

\(m\). Received payment in full for the appraisal of transaction \((k)\).

\(n\). Carol Blake withdrew \(\$ 1,500\) from the business to pay personal expenses.

\section*{Required}

1. Open the following T-accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Automobile; Land; Building; Accounts Payable; Notes Payable; Carol Blake, Capital; Carol Blake, Withdrawals; Commissions

Earned; Appraisal Fees Earned; Office Salaries Expense; and Advertising Expense.
2. Record the transactions by entering debits and credits directly in the accounts. Use the transaction letters to identify each debit and credit amount.
3. Determine the balance of each account in the ledger and prepare a trial balance using the current date.