Tom Slater opened an accounting firm on March 1,2010. During the month of March, the business completed the following transactions:

Requirements 1. Open, or set up, the following T-accounts: Cash, Accounts Receivable, Supplies, Furniture, Land, Accounts Payable, Common Stock, 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 Slater & Associates, Inc., at the end of March.

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Mar 1 The business sold $40,000 of stock to open the firm, Slater & Associates, Inc. Purchased supplies, $400, and furniture, $2,100, on account. 3 5 8 11 Performed accounting service for a client and received cash, $1,700. Paid cash to acquire land for a future office site, $18,000. Prepared tax returns for a client on account, $500. 14 Paid assistant's salary, $1,100. 19 16 Paid for the furniture purchased March 3 on account. Received $800 cash for accounting services performed. Billed a client for $1,300 of accounting services. 23 28 31 Received $300 from client on account. Paid secretary's salary, $900. 31 Paid rent expense, $1,200. 31 Paid $1,800 of dividends.