The following transactions took place during the ﬁrst two weeks of operations of Not So Taxing, Inc., a walk-in tax preparation service.
Mar.2 Issued common stock of the corporation in exchange for $200,000 cash.
Mar.3 Purchased $4,000 of supplies on account from Kidd Supply Company.
Mar.4 Paid $3,000 of office rent for March.
Mar.5 Completed tax work for Mr. East and billed him $650.
Mar.6 Received a total of $7,400 from customers for services provided during the week.
Mar.9 Received a $1,000 advance from Mr. West for tax services that have not yet been provided.
Mar.10 Placed a telephone order for a $550 laser printer.
Mar.11 Paid $1,200 to Kidd Supply Company.
Mar.12 Received $450 from Mr. East.
Mar.13 Paid an employee $790 for two weeks work.
Mar.13 Received $3,700 cash from customers for services provided during the week.
(a) Enter the transactions into the general journal.
(b) Post the transactions to the general ledger and calculate balances for each account. Verify that the ledger is in balance.