Requirement 1. Record transactions in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 1: The business sold $55,000 of common stock to open the firm, Miller & Associates, Inc. Journal Entry Accounts Date Jan 1 Cash Common stock Debit 55,000 Credit 55,000 Jan 3: Purchased supplies, $100, and furniture, $1,200, on account. Make a compound entry. Date Journal Entry Accounts Jan 3 Supplies Furniture Accounts payable Debit Credit 100 1,200 1,300 Jan 5: Performed accounting service for a client and received cash, $3,000. Date Jan 5 Cash Journal Entry Accounts Service revenue Jan 8: Paid cash to acquire land for a future office site, $24,000. Date Jan 8 Land Journal Entry Accounts Cash Debit Credit 3,000 3,000 Debit Credit 24,000 24,000 Jan 11: Prepared tax returns for a client on account, $2,700. Date Jan Journal Entry Accounts Debit Credit 2,700 11 Accounts receivable Service revenue Jan 14: Paid assistant's salary, $650. Date Jan 14 Salaries expense Cash Jan 16: Paid $1,150 on account. Date Jan 16 Accounts payable Cash 2,700 Journal Entry Accounts Debit Credit 650 Journal Entry Accounts Debit Credit 1,150 Jan 19: Received $2,500 cash for accounting services performed. Date Jan 19 Cash Journal Entry Accounts Service revenue 650 1,150 Debit Credit 2,500 2,500 Jan 23: Billed a client for $1,300 of accounting services. Journal Entry Date Accounts Debit Credit Jan 23 Accounts receivable 1,300 Service revenue 1,300 Jan 28: Received $300 from client on account. Date Jan 28 Cash Journal Entry Accounts Debit Credit 300 Accounts receivable Jan 31: Paid assistant's salary, $650. Date Jan 31 Salaries expense Cash Jan 31: Paid rent expense, $1,700. Journal Entry Accounts Debit Credit 650 300 650 Journal Entry Date Accounts Debit Credit Jan 31 Rent expense 1,700 1,700 Cash Jan 31: Paid $1,100 of dividends. Jan Date Journal Entry Accounts Debit 31 Dividends 1,100 Cash Credit 1,100 Requirement 2. Post the transactions to the T-accounts that have been set up for you, using transaction dates as posting references. Start by posting the first four transactions to the T-accounts. (Do not post the next four transactions until after you have checked your answer and continued to the next step.) (Click the icon to view the first four journal entries you prepared above.) Jan Cash Jan Accounts receivable Supplies Jan Jan Jan Jan Land Furniture Accounts payable Jan Jan Jan Jan Jan Jan Jan Common stock Jan Dividends Service revenue Jan Jan Jan Jan Salaries expense Rent expense Jan Jan Jan Jan