Gamma Retail began operations on January 1, Year 1. The following transactions occurred during the year:

Transaction #	Date	Transaction Description	Amount
1	Jan 1, Y1	Issued common stock for cash	$50,000
2	Feb 1, Y1	Purchased inventory for cash	$15,000
3	Mar 1, Y1	Sold merchandise for cash (costing $8,000)	$20,000
4	Apr 1, Y1	Paid rent for the store	$4,000
5	May 1, Y1	Paid cash for advertising	$2,000
6	Jun 1, Y1	Purchased equipment on account	$10,000
7	Sep 1, Y1	Paid salaries to employees	$6,000
8	Dec 31, Y1	Declared and paid cash dividends	$3,000

Required:

1. Record the transactions in T-accounts.
2. Prepare the trial balance as of December 31, Year 1.