Homework - Accounting Cycle PROBLEM 1 The general ledger of FastTrack Racing at January 1, 2021, includes the following account balances: Credits Debits $2,790 2,910 1,120 10.000 SO Accounts Cash Accounts Receivable Supplies Equipment Accumulated depreciation-Equi Accounts Payable Deferred Revenue Salaries & Wages Payable Notes Payable Common Stock Retained Earnings Totals 1.650 320 1.000 10,000 3.000 $16.820_ $16.820 The following is a summary of the transactions for the month of January: a. Paid $1,220 for salaries due employees, of which $870 is for January and the remainder was for December b. Received $1,800 cash from customers on account. c. Received $1,700 cash for services provided in January, d. Issue shares of common stock in exchange for $2,000 cash. e. Purchased equipment on account $3,600. f. Purchased supplies on account, $1,300. g. Paid on accounts payable, $2,500. h. Paid January rent of $480. i. Pay $200 cash dividends to stockholders. j. Performed services on account of $900 and billed customers. k. Received $750 from customers for future services. Required: 1. Set up the necessary T-accounts and enter the beginning balances from the trialbalance. In addition to the accounts shown, the company also has accounts for Interest Payable, Dividends, Service Revenue, Salaries Expense, Rent Expense, Depreciation Expense, Interest Expense, and Supplies Expense. 2. Journalize each of the summary transactions listed above. 3. Post the transactions to the accounts 4. Prepare an unadjusted trial balance