Exercise 3.5 (Algo) Determining account balances. LO 3-3 The following T accounts show transactions that were recorded on December 31, 20X1 by Residential Rental Consultant, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash Debit Credit (a) 185,000 (b) 41,000 (d) 25,000 (e) 650 (g) 2,500 (h) 10,500 (i) 4,500 James Taylor, Capital Debit Credit (a) 185,000 Accounts Receivable Debit Credit (f) 9,000 (g) 2,500 James Taylor, Drawing Debit Credit (i) 4,500 Supplies Debit Credit (b) 41,000 Fees Income Debit Credit (d) 25,000 (f) 9,000 Equipment Debit Credit (c) 75,000 Salaries Expense Debit Credit (h) 10,500 Accounts Payable Debit Credit (c) 75,000 Telephone Expense Debit Credit (e) 650 Determine the balance of each account