Recording Transactions in Journal Entries and T-Accounts Schrand Aerobics, Inc., rents studio space (including a sound system) and specializes in offering aerobics classes. On January 1, 2015, its beginning account balances are as follows: Cash, $3,750; Accounts Receivable, $3,900; Equipment, $0; Notes Payable, $1,875; Accounts Payable, $750; Common Stock, $4,125; Retained Earnings, $900; Services Revenue, $0; Rent Expense, $0; Advertising Expense, $0; Wages Expense, $0; Utilities Expense, $0; Interest Expense, $0. The following transactions occurred during January. (1) Paid $450 cash toward accounts payable. (2) Paid $2,700 cash for January rent. (3) Billed clients $8,625 for January classes. (4) Received $375 Invoice from supplier for T-shirts given to January class members as an advertising promotion. (5) Collected $7,500 cash from clients previously billed for services rendered. (6) Paid $1,800 cash for employee wages. (7) Received $510 Invoice for January utilities expense. (8) Paid $15 cash to bank as January Interest on notes payable. (9) Declared and paid $675 cash dividend to stockholders. (10) Paid $3,000 cash on January 31 to purchase sound equipment to replace the rental system. Required a. Prepare journal entries for each of the transactions 1 through 10. b. Set up T-accounts, including beginning balances, for each of the accounts used in part a. Post the journal entries to those T-accounts.