Prepare journal entries for these transactions and calculate the account balances that would be reported on the trial balance. Does the accounting equation balance?

1 Received $50,000 cash and issued stock to the owners

2 Paid $40,000 cash for land

3 Bought $3,700 of supplies on account

4 Received $7,000 cash from customers for service revenue earned

5 Performed services for customers on account, $3,000

6 Paid cash expenses: rent, $1,100; employee salary, $1,200; utilities, $400

7 Paid $1,900 on the account payable created in transaction 3

8 Received $1,000 on account

9 Sold land for cash at the land's cost of $22,000

10 Declared and paid a dividend of $2,100 to the stockholders