Some of these T accounts might not all be used but I wanted to add them all just to make sure. Which is why the post is a bit long.

On January 1, 2019 Mike and Julie formed a company called Royal Rental, Inc. for operating an equipment rental yard. The new company began operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The company closes its accounts and prepares financial statements at the end of each month. During January the company entered into the following transactions: Data for January Journal Entries: January 1: Mike and Julie opened the business, each.contributing $80,000 in cash to the company and receiving Common Stock in return for their investment. dole CAMAT Steel Co January 1: Purchased equipment for $400,000 from Rent-It, paying $50,000 in cash and taking out a one-year $350,000 note payable at a simple interest rate of 4.8%, payable annually. January 1: Paid $30,000 to Santos Realty as six months' advance rent on the rental yard and office formerly occupied by Rent-it. January 4: Purchased office supplies on account from Modern Office Co. for $410. Payment due in 30 days. (These supplies are expected to last for several months) January 8: Received $8,000 cash as an advance payment on an equipment rental from McBryan Construction Company. January 11: Paid salaries for the first two weeks of January, $9,000. January 15: Excluding the McBryan advance, equipment rental fees earned during the first 15 days of January amounted to $24,800, of which $11,000 was received in cash. Purchased on account from Earth Movers, Inc. $520 in parts needed to repair a rental tractor which was completed on January 18th. Payment is due in 10 days. January 17: January 23: Collected $7,800 of the accounts received recorded January 15th. Paid biweekly salaries totaling $10,400. January 25: Instructions: 1. Prepare the journal entries for January 2. Post the entries to ledger accounts (using 'T' accounts). Update 'T' account balances. Accounts Recevable Prepaid Rent Prepaid Rent Prepaid Insurance Prepaid Supplies Equipment Accumulated Depreciation Accounts Payable Accrued interest Accrued Salaries Unearned Rental Revenue Note Payable Capital Stock - Mike Capital Stock - Julie Retained Earnings Rental Revenue Salary Expense Rent Expense Repairs Expense Utilities Expense Interest Expense___- Depreciation Expense Supplies Expense Insurance Expense