Prepare a ledger that displays a T-account for each account, and post the effects of each journal entry to the proper T-accounts. Keep in mind that all of the T-accounts will have a beginning balance of zero since this is a newly formed entity. Use the template provided in class (also available in Canvas), and be sure to label each posting with the date used in the journal.

On August 1, 2021, Lia Sayer and her brother started their own accounting firm, Sayer CPAs, Inc. in Norwood, Ohio. The following business transactions occurred during the first month: Aug. 2: Issued 1,000 shares of stock in exchange for $15,000 received from stockholders. The stocks par value is $5 per share, and the remainder is in excess of par value. Aug. 3: Paid $600 for rent for office space for the month of August. Aug. 4: Purchased office equipment for $4.000, paying half in cash and the other half on account. Aug. 6: Paid $150 to run advertisements in this week's Xavier Newswire and Cincinnati Enquirer. Aug. 10: Received $2.400 for accounting services performed on this date. Aug. 12: Performed $6,200 of accounting services on account. Aug. 13: Borrowed $5,000 from 5/3 Bank under the terms of a 36-month note. All principal and interest will be paid on the maturity date. Aug. 13: Paid $2,400 for employee salaries. Aug. 16: Purchased $500 of supplies on account. None of the supplies were used yet during August. Aug. 23: Collected $1,200 from clients for the services performed on August 12th. Aug. 27: Paid a $200 dividend. Aug. 28: Paid for the supplies that were purchased on August 16th Aug. 31: Paid $2,400 for employee salaries. Aug. 31: Recorded an adjustment to accrue utilities for the month of August, estimated at $190, to be paid in mid-September. Aug. 31: Recorded an adjustment to recognize $40 of depreciation on the equipment. Aug. 31: Recorded an adjustment to accrue $10 of interest on the 5/3 Bank