Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Daniel Kelly, an attorney: Cash; Accounts Receivable; Office Equipment; Legal Database Subscription; Accounts Payable; Common Stock; Dividends; Legal Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Using the accounting equation, record each of the transactions in a columnar format. Prepare journal entries and record the following October transactions in the T-accounts and key all entries with the number identifying the transaction. Determine the balance in each account and prepare a trial balance sheet as of October 31. Oct. 1 Kelly started his law practice by contributing $36,500 cash to the business on October 1, receiving shares of common stock in the company. 2 Purchased office equipment on account, $12,100. 3 Paid office rent for October, $2,400. 4 Paid $11,300 to access online legal database for two years. 5 Billed clients for services rendered, $13,000. 6 Made $7,700 payment on account for the equipment purchased on October 2. 7 Paid legal assistant's salary, $4,500. 8 Collected $11,100 from clients previously billed for services. 9 Received invoice for October utilities, $1,880; it will be paid in November. 10 Paid stockholders $3,200 as a cash dividend.