Q1. PhotoHi opened a photography and portrait studio on March 1 and completed the following transactions during the month.

Mar. 1 Opened the business checking account, 17,000.

2 Paid two months rent in advance for a studio, 900.

3 Transferred to the business personal photography equipment valued at 4,300.

4 Ordered additional photography equipment, 2,500.

5 Purchased office equipment for cash, 1,800.

8 Received and paid for the photography equipment ordered on March 4, 2,500.

10 Purchased photography supplies on credit, 700.

15 Received cash for portraits, 380.

16 Billed customers for portraits, 750.

21 Paid for half the supplies purchased on March 10, 350.

24 Paid the utility bill for March, 120.

25 Paid the telephone bill for March, 70.

29 Received payment from the customers billed on March 16, 250.

30 Paid wages to an assistant, 400.

31 Withdrew cash for personal expenses, 1,200.

Required:

1. Prepare journal entries to record the above transactions and post them to ledgers.
2. Prepare a trial balance.