Record journal entries and create a T-account for every account.

Two employees have been hired, at a monthly salary of $3,300 each. One will start Jan 1, the second will start Jan 16.

1. Record journal entries for all transactions

Jan	The following transactions occurred during January of the current year.
1	Paid 12 months insurance starting January 1, $4,600.
2	Paid 9 months rent starting January 1, $2,800.
3	HBD borrows $36,000 cash from First Country Bank at 6% annual interest; this note is payable in two years.
4	A new rack is purchased using cash. The total cost was $800.
5	Stockholders contribute $7,000 of additional cash to HBD for its common stock.
6	Additional supplies costing $1,100 are purchased on account and received.
7	Accounts receivable of $600 is collected from December sales.
8	Accounts payable of $200 is paid from December purchases.
9	Performed services for customers on account, sending invoices totaling $10,900.
10	Performed services for customers totaling $7,500 who paid in cash.
16	Salaries totaling $1,150 were recorded and paid for the first half of the month.
20	HBD received $3,800 from a customer for an advance order for services to be provided later in Jan & Feb.
25	Accounts receivable of $4,800 is collected from customer on account from January 9.

2. Create a T-account for every account under assets, liabilities, equity, revenue, expenses.

Jalo Bicycle Distribution (HBD) was organized late last year and had minimal activity in the first year. It the beginning of the second year, MBC had the following balance sheet