The Foster Tax Services Company was established on 2 January of the current year to help clients with tax planning and preparation of their tax returns. The business engaged in the following transactions during January:

Required:
a Set up the following T-accounts (and account numbers): Cash (101), Office Supplies (105), GST Paid (108), Land (110), Building (112), Office Equipment (115), Notes Payable (220), PAYG Tax Payable (231), GST Collected (232), Mortgage Payable (221), R. Foster, Capital (301), R. Foster, Drawings (302), Tax Service Revenues (401), Salary Expense (501), Utilities Expense (502) and Supplies Expense (503).
b Prepare journal entries to record the preceding transactions.
c Post the journal entries to the accounts.
d Prepare a trial balance at 31 January.

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Date 2 Jan. 23 3 Transaction R. Foster set up the business by investing $33 000 cash in the business' bank account. Acquired land and a building at a cost of $99 000 and $231 000, respectively. A $60 000 down payment was made, and a mortgage was signed for the remaining balance.