Problem 3-98 (Algo) The consulting firm of Martin... The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of paper, set up T accounts for each of the accounts listed and record the balances as of December 1, 20X1 on the normal balance side of the accounts. Cash Accounts receivable $6,700 Joan Martin, Capital 9,700 Joan Martin, Drawing 22 Prepaid rent Office equipment -0- Fees income 9,200 Accounts payable 8,600 Utilities expense Salaries expense 17,000 -0- -8- -0- -0- The firm has the following transactions during the month of December 20X1. Record the effects of these transactions in the T accounts. a. Paid $2,700 for one month's rent. b. Collected $6,500 in cash from credit customers. c. Performed services for $8,700 in cash. d. Paid $5,700 for salaries. e. Issued a check for $4,700 to a creditor f. Performed services for $11,700 on credit. g. Purchased office equipment for $2,700 on credit. h. The owner withdrew $4,700 in cash for personal expenses. i. Issued a check for $770 to pay the monthly utility bill. 1. Post the above transactions into the appropriate T accounts. 2. Using the information shown, prepare a trial balance for Martin and Associates at December 31, 20X1 before any adjusting entries