Jennifer Polk opened a school for administrative skills called Polk Office Training, Inc., and completed the following transactions:

a. Contributed the following assets to the business in exchange for 13,600 shares of $1 par value common stock:

Cash...........................$5,700

Computers.....................4,300

Office Equipment.............3,600

b. Found a location for her business and paid the first month's rent, $260.

c. Paid for an advertisement announcing the opening of the school, $190.

d. Received applications from three students for a four-week secretarial program and two students for a ten-day keyboarding course. The students will be billed a total of $1,300.

e. Purchased supplies on credit, $330.

f. Billed the enrolled students, $1,740.

g. Purchased a second-hand computer, $480, and office equipment, $380, on credit.

h. Paid for the supplies purchased on credit in e, $330.

i. Paid cash to repair a broken computer, $40.

j. Received partial payment from students previously billed, $1,080.

k. Paid the utility bill for the current month, $90.

l. Paid an assistant one week's salary, $440.

m. Declared and paid a dividend of $200.

Required

1. Set up the following T accounts: Cash; Accounts Receivable; Supplies; Computers; Office Equipment; Accounts Payable; Common Stock; Dividends; Tuition Revenue; Salaries Expense; Utilities Expense; Rent Expense; Repair Expense; and Advertising Expense.

2. Record the transactions directly in the T accounts, using the transaction letter to identify each debit and credit.

3. Prepare a trial balance using today's date.