The following transactions pertain to Price Corporation for 20xx:

Jan. 1 Acquired $25,000 cash from the issuance of common stock.

Mar. 1 Paid rent for office space for two years, $8,400 cash.

Apr. 14 Purchased $400 of supplies on account.

June 30 Received $12,000 cash in advance for services to be performed over the next year

July 5 Paid $300 of the accounts payable from April 14th

Aug. 1 Billed a customer for $24,800 of services provided during July.

Sept. 1 Paid employees salaries of $18,000 cash.

Sept. 9 Received $4,250 cash from accounts receivable.

Nov. 2 Paid a $500 cash dividend to the stockholders.

Dec 31 Adjusted records to recognize the services provided on the contract of June 30.

Dec 31 Recorded $1,100 of accrued salaries as of December 31st.

Dec 31 Recorded the rent expense for the year. (See March 1)

Dec 31 Physically counted supplies; $50 on hand at the end of the year.

Using the attached Excel spreadsheet, do the following:

1. Record the preceding transactions in the general journal.

2. Post the transactions to the T-accounts.

3. Prepare a trial balance.

4. Prepare closing entries and post them to the general journal and the T-accounts.

5. Prepare a trial balance after closing. (Post Closing Trial Balance)