1. Pioneer Advertising Agency October Transactions and Trial Balance

October 1: Stockholders invest $100,000 cash in an advertising venture to be known as Pioneer Advertising Agency Inc. Investors receive no-par shares of common stock (credit entire proceeds to Common stock).

October 1: Pioneer Advertising purchases office equipment costing $50,000 by signing a 3-month, 12%, $50,000 note payable.

October 2: Pioneer Advertising receives a $12,000 cash advance from R. Knox, a client, for 3-months of advertising services that will be completed evenly October through December ($4,000/month).

October 3: Pioneer Advertising pays $9,000 office rent, in cash, for October.

October 4: Pioneer Advertising pays $6,000 for a one-year insurance policy that will expire next year on September 30.

October 5: Pioneer Advertising purchases, for $25,000 on account, advertising supplies from Aero Supply.

October 20: Pioneer Advertisings board of directors declares and pays $5,000 cash dividend to stockholders.

October 26: Paid cash for salaries and wages of $40,000.

October 31: Pioneer completes $100,000 of advertising services in October for Copa Company. Copa pays $28,000 in cash, and Pioneer bills Copa Company for the remaining $72,000.

Required: journalize and post the above transactions; balance the accounts and prepare a trial balance as of October 31. Check figure for the trial balance footings: dr=cr=287,000.