On October 1, 2016, Satillo Richey opened an advertising agency. He plans to use the chart of accounts listed below.

INSTRUCTIONS
1. Journalize the transactions. Number the journal page 1, write the year at the top of the Date column, and include a description for each entry.
2. Post to the ledger accounts. Before you start the posting process, open accounts by entering account names and numbers in the headings. Follow the order of the accounts in the chart of accounts.
ASSETS
101 Cash
111 Accounts Receivable
121 Supplies
141 Office Equipment
151 Art Equipment
LIABILITIES
202 Accounts Payable
OWNER’S EQUITY
301 Satillo Richey, Capital
302 Satillo Richey, Drawing
REVENUE
401 Fees Income
EXPENSES
511 Office Cleaning Expense
514 Rent Expense
517 Salaries Expense
520 Telephone Expense
523 Utilities Expense
DATE TRANSACTIONS
Oct. 1 Satillo Richey invested $60,000 cash in the business.
2 Paid October office rent of $3,000; issued Check 1001.
5 Purchased desks and other office furniture for $15,000 from Office
Furniture Mart, Inc.; received Invoice 6704 payable in 60 days.
6 Issued Check 1002 for $3,200 to purchase art equipment.
7 Purchased supplies for $1,550; paid with Check 1003.
10 Issued Check 1004 for $600 for office cleaning service.
12 Performed services for $4,100 in cash and $1,900 on credit. (Use a compound entry.)
15 Returned damaged supplies for a cash refund of $400.
18 Purchased a computer for $3,000 from Office Furniture Mart, Inc., Invoice 7108; issued Check 1005 for a $1,750 down payment, with the balance payable in 30 days. (Use one compound entry.)
20 Issued Check 1006 for $7,500 to Office Furniture Mart, Inc., as payment on account for Invoice 6704.
26 Performed services for $4,400 on credit.
27 Paid $325 for monthly telephone bill; issued Check 1007.
30 Received $3,700 in cash from credit customers.
30 Mailed Check 1008 to pay the monthly utility bill of $400.
30 Issued Checks 1009–1011 for $8,000 for salaries.
Analyze: What is the balance of account 202 in the general ledger?