McGuire Construction, Inc., completed the following transactions during September 2016, its first month of operations:

Sep 2 Sold $50,000 of common stock to Joseph McGuire to start the construction business.

3 Paid monthly office rent, $800.

6 Paid cash for a new computer, $1,600.

8 Purchased office furniture on account, $3.000

11 Purchased supplies on account, $700.

19 Performed service for a client on account, $2,300.

20 Paid utility expenses, $175.

28 Performed service for a client and received cash for the full amount of $1.125.

Requirements

1. Open or set up T-accounts in the ledger for the following accounts: Cash, Accounts

Receivable, Supplies, Equipment, Furniture, Accounts Payable, Common Stock,

Service Revenue, Rent Expense, and Utilities Expense.

2. Record transactions in the journal. Explanations are not required.

3. Post journal entries to the T-accounts. Identify all items by date. Calculate the ending balance in each account.

4. Prepare a trial balance at September 30, 2016.

5. Prepare the income statement, statement of retained earnings, and balance sheet.