The following events apply to Pearson Service Co. for Year 1, its first year of operation:

1. Received cash of $63,000 from the issue of common stock.

2. Performed $122,500 worth of services on account.

3. Paid $83,500 cash for salaries expense.

4. Purchased supplies for $18,500 on account.

5. Collected $97,500 of accounts receivable.

6. Paid $13,700 of the accounts payable.

7. Paid a $6,300 dividend to the stockholders.

8. Had $2,150 of supplies on hand at the end of the period.

Required:

Post the entries to T-accounts and determine the ending balance in each account.

Options for first and last columns of boxes on all accounts:

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Post the entries to T-accounts and determine the ending balance in each account