RSSON HiTech Communications example from textbook, Chapters 2 & 3 ano! Based on the problem information below. 1. Write the journal entries based on the transaction analysis and the rules for debits and credits) 2. Post to the T-accounts 3. Create the trial balance Problem Information HiTech Communications Inc. is a newly formed corporation that operates an advertising agency that specializes in promoting computer-related products in the Cincinnati area. The following are transactions that occurred during its first month of operations, March 2013 1. On March 1, HITech sold 1,000 shares of common stock to several investors for cash of $12,000. 2. On March 2, HiTech raised additional funds by borrowing $3,000 from First Third Bank of Cincinnati. HiTech promised to pay the amount borrowed plus 8% interest to First Third Bank in 1 year. 3. On March 3, HiTech purchased office equipment (such as computer equipment) from MicroCenter Inc. for $4,500 in cash. 4. On March 4, HiTech purchased a 6-month insurance policy for $1,200 cash. 5. On March 6, HITech purchased office supplies from Hamilton Office Supply for $6,500. Hamilton Office Supply agreed to accept full payment in 30 days. 6. On March 10, HiTech sold advertising services to Miami Valley Products in exchange for $8,800 in cash. 7. On March 15, HITEch sold advertising services to the Cincinnati Enquirer for $3,300. HiTech agreed to accept full payment in 30 days. 8. On March 19, HiTech received $9,000 from the OA News for advertising services to be completed in the next 3 months. 9. On March 23, HiTech pays $6,000 cash for the supplies previously purchased form Hamilton Office Supply on credit (Transaction 5). 10. On march 25, HiTech collected $3,000 cash from the Cincinnati Enquirer for services sold earlier on credit (Transaction 7). 11. On March 26 (a Friday), HiTech paid weekly employee salaries of $1,800. 12. On March 30, HiTech paid its utility bill of $5,200 for March 13. On March 31, HiTech declared and paid a cash dividend of $500 to its stockholders The transactions are analyzed in the textbook on pages 68-72, with a summary on page 73 in Exhibit 2.6. The associated journal entries are shown on pages 81-83. The posting process is shown in Exhibit 2.11, the T-account view of the general ledger is shown in Exhibit 2.12, and the trial balance is shown in Cornerstone 2.6. The Review Problem at the end of Chapter 2 is similar. You can use it for additional practice analyzing transactions, preparing journal entries, posting to the ledger, and preparing a trial balance