Gleaner Advertising, Inc.€™s trial balance on September 30, 2013, shows the following:

Gleaner completed the following transactions in October:
Oct 2 Paid 3 months€™ rent for $1,200/month.
3 Signed a contract for $1,800/month for 4 months with a local radio station for radio ads.
10 Sold 2,000 common shares for $5,000 and 3,000 preferred shares for $9,000.
14 Paid half of the accounts payable owed to suppliers.
20 Received $6,500 cash for advertising project from a client. The project will be completed in November.
30 The advertising revenue for October was $9,300, of which two-thirds was on account.
31 Received an invoice for $1,800 from the local radio station for the radio ads for October. The payment is due on November 7.
31 Paid $4,300 for employee salaries.
31 Paid $2,400 dividends to shareholders.
Requirements
1. Set up T-accounts with the beginning balances for each account.
2. Journalize the above transactions and post to the appropriate T-accounts.
3. Prepare the trial balance on October 31, 2013.
4. Prepare the income statement and the statement of changes in equity for the month of October.

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Gleaner Advertising, Inc Trial Balance September 30, 2013 ACCT # ACCOUNT TITLE DEBIT CREDIT 1010 Cash 1020 Accounts Receivable 1030 Prepaid Insurance 1040 Prepaid Rent 1400 Equipment 2010 Accounts Payable 2020 Unearned Advertising Revenue 2100 Long-term Note Payable 3010 Preferred Shares 3015 Common Shares (5,000 shares) 3030 Retained Earnings 3040 Dividends 4010 Advertising Revenue 5010 Advertising Expense 5020 Salary Expense 5030 Rent Expense $ 8,600 4,200 1,200 42,000 5,000 3,000 32,000 10,000 6,000 Total $56,000 $56,000