E2-13B. Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of The Canine Hospital, owned by Kali Wells, a veterinarian: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Professional Fees Earned; Salaries Expense; and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transac- tions in the T-accounts and key all entries with the number identifying the transaction. Finally, deter- mine the balance in each account and prepare a trial balance as of December 31.

Wells opened a checking account on December 1 at Biltmore Bank in the name of The Canine Hospital and deposited $31,000 cash; Wells received common stock for her investment.

2 Paid rent for December, $2,750.

3 Purchased office equipment on account, $2,900.

4 Purchased supplies for cash, $1,800.

5 Billed clients for services rendered, $8,300.

6 Paid secretary's salary, $1 ,950.

7 Paid $1,500 on account for the equipment purchased on December 3.

8 Collected $4,900 from clients previously billed for services.

9 The firm paid stockholders $1 ,500 cash as a dividend .