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, $11,250; Accounts Receivable, $11,700; Equipment, $0; Notes Payable, $5,625; Accounts Payable, $2,250; Common Stock, $12,375; Retained Earnings, $2,700; 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 $1,350 cash toward accounts payable. (2) Paid $8,100 cash for January rent. (3) Billed clients $25,875 for January classes. (4) Received $1,125 invoice from supplier for T-shirts given to January class members as an advertising promotion. (5) Collected $22,500 cash from clients previously billed for services rendered. (6) Paid $5,400 cash for employee wages. (7) Received $1,530 invoice for January utilities expense. (8) Paid $45 cash to bank as January interest on notes payable. (9) Declared and paid $2,025 cash dividend to stockholders. (10) Paid $9,000 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. Journal entries T-accounts