On January 1st, 2024, XYZ Corporation started its business with an initial investment of $50,000 in cash and $30,000 worth of office equipment. During the month, the following transactions occurred:

• Purchased inventory on credit for $20,000.
• Sold goods for cash, realizing $15,000 in revenue.
• Paid $10,000 for rent and utilities.
• Depreciation expense for the office equipment was $500.

Prepare ledger entries for the above transactions and calculate the closing balances for each account to prepare a trial balance as of January 31st, 2024.