Fang Sun opened a financial services firm on March 1, 2013. During the month of March, the business completed the following transactions:

Mar 1 The business sold $40,000 shares to open the firm, Sun & Associates, Inc.

3 Purchased supplies, $400, and furniture, $2,100, on account.

5 Performed financial service for a client and received cash, $1,700.

8 Paid cash to acquire land for a future office site, $18,000.

11 Prepared tax returns for a client on account, $500.

14 Paid assistant’s salary, $1,100.

16 Paid for the furniture purchased March 3 on account.

19 Received $800 cash for accounting services performed.

23 Billed a client for $1,300 of accounting services.

28 Received $300 from client on account.

31 Paid assistant’s salary, $900.

31 Paid rent expense, $1,200.

31 Paid $1,800 of dividends.

Requirements

1. Open, or set up, the following T-accounts: Cash, Accounts Receivable, Supplies, Furniture, Land, Accounts Payable, Common Shares, Dividends, Service Revenue, Salary Expense, and Rent Expense.

2. Journalize transactions. Explanations are not required.

3. Post the transactions to the T-accounts, using transaction dates as posting references.

4. Calculate the balance in each account.

5. Prepare the trial balance for Sun & Associates, Inc. at the end of March.