Prepare a trial balance for January.

Date Jan. 2 Jan. 2 January Transactions Transaction Description Began business by each of the three owners contributing $20,000 in cash each in exchange for shares of stock in the business. A Victorian inn is purchased for $50,000 in cash. An appraisal performed on this date indicates that the land is worth $15,000, and the remaining balance of the purchase price is attributable to the house. The owners estimate that the house will have an estimated useful life of 25 years and an estimated salvage value of $5,000. Jan, 3 A two-year, 12%, $30,000 promissory note was signed at Second State Bank. Interest and principal will be repaid on the maturity date of January 3, 2019. New furniture for the inn is purchased at a cost of $15,000 in cash. The furniture has an estimated useful life of ten years and no salvage value. Jan. 4 Jan. 5 A 24-month property insurance policy is purchased for $6,000 in cash. Jan. 6 Jan. 7 Jan. 15 Jan. 16 An advertisement for the inn is placed in the local newspaper. Moonlight Bay pays $450 cash for the ad, which will run in the paper throughout January Cleaning supplies are purchased on account for $950. The bill is payable within 30 days. Wages of $4,230 for the first half of the month are paid in cash. A guest mails the business $980 in cash as a deposit for a room to be rented for two weeks. The guest plans to stay at the inn during the last week of January and the first week of February. Cash receipts from rentals of rooms for the month amount to $8,300. Cash receipts from operation of the restaurant for the month amount to $6,600. Each stockholder is paid $200 in cash dividends. Jan. 31 Jan. 31 Jan. 31 Chart of Accounts Account Number Account Title Normal Balance Account Type Assets 111 117 119 144 145 146 147 148 Cash Prepaid Insurance Cleaning Supplies Furniture Accum Dep - Furniture House Accum Dep House Land Debit Debit Debit Debit Credit Debit Credit Debit Liabilities 212 213 214 215 216 217 Accounts Payable Notes Payable Wages Payable Utilities Payable Rent Received in Advance Interest Payable Income Tax Payable Credit Credit Credit Credit Credit Credit Credit 218 Stockholders Equity 311 312 313 Retained Earnings Capital Stock Dividends Credit Credit Debit Revenue 411 412 Revenue - Rental of Rooms Revenue - Restaurant Credit Credit Expenses 511 512 513 514 515 516 517 518 Advertising Expense Wages Expense Insurance Expense Supplies Expense Utilities Expense Depreciation Expense Interest Expense Income Tax Expense Debit Debit Debit Debit Debit Debit Debit Debit Other 999 Income Summary Credit Date Debit 60.000 Credit 60.000 15.000 35.000 50.000 30.000 30.000 15,000 15.000 6,000 6.000 General Journal Description (Account Name) 2-Jan Cash share capital 2-Jan Land bulding cash 3-Jan Cash note payable 4-Jan Furniture Cash 5-Jan Prepaid Insurance Cash 6-Jan Prepaid Advertisements Cash 7-Jan Cleaning Supplies Cash 15-Jan Wages Expense Cash 16-Jan Cash Unearned Rental Revenue 31-Jan Cash Rental Revenue 31-Jan Cash Restaurant Revenue 31-Jan Divdends Cash 450 450 950 950 4,230 4,230 980 980 8.300 8.300 6,600 6.600 600 600 183.110 183,110